President John Mahama Highlights Economic Resilience and Stability
President John Mahama has reaffirmed the resilience of Ghana’s economy, emphasizing that it remains in capable hands despite external challenges and global economic uncertainties. His remarks were made during a public engagement event known as “Accounting to the People” in Tamale, as part of his two-day Resetting Ghana Tour in the Northern Region.
During the durbar, which brought together local chiefs and residents, the President highlighted key factors that have contributed to the country’s economic stability. These include fiscal discipline, effective inflation control, and significant investments in infrastructure. He stated, “The country’s economy is in safe hands. The economy is resilient and despite the external events taking place, our economy is still sound and strong.”
Addressing Global Economic Pressures
President Mahama pointed out that while many countries faced severe economic pressures, such as rising fuel prices and shortages of petroleum products, Ghana managed to maintain stability. He noted that global events, including conflicts, had led to increased fuel prices internationally. However, the government took measures to manage domestic petroleum prices, ensuring that citizens were protected from sharp inflationary spikes.
He further explained that prudent economic management had helped stabilize the country’s currency and maintain price stability. This approach has been instrumental in safeguarding the progress made in reducing inflation. When the administration took office, inflation was above 24 percent, but through disciplined fiscal policies and sound economic strategies, it has now been reduced to below four percent.
Commitment to Sustaining Economic Gains
The President reiterated the government’s commitment to sustaining these gains and maintaining economic stability. Despite challenges, such as the inability to access international capital markets following a debt default, the government has continued to fund major development projects using domestic resources.
This situation, according to Mahama, showcases the potential of mobilizing and utilizing local resources effectively for national development. He cited ongoing road infrastructure projects across the country as evidence of this commitment, even in the face of financing constraints.
Expanding Infrastructure Development
The President highlighted the scale of infrastructure development currently underway without relying on external borrowing. He mentioned that approximately 2,000 kilometers of roads are under construction simultaneously, including major highways connecting regions and roads linking regional capitals to district capitals.
This large-scale infrastructure initiative reflects not only the resilience of the economy but also the government’s dedication to responsible economic management. It demonstrates the ability to drive national development through internal resources and strategic planning.
Conclusion
Through a combination of fiscal responsibility, effective policy implementation, and a focus on sustainable development, President Mahama has positioned Ghana’s economy as a model of resilience. His message to the people is clear: despite global challenges, the country is on a path of stability and growth, with a government committed to protecting and advancing the interests of its citizens.
