President of the Republic of Ghana, H.E John Dramani Mahama, has stated that Ghana’s economy is performing far better than it has in several decades, stressing that the country has achieved significant macroeconomic stability.
According to him, inflation has reduced considerably while the national currency and other key economic indicators have remained stable despite external economic pressures.
Speaking during a community engagement at Ndewura Jakpa Senior High School as part of his two-day Resetting Ghana Tour of the Savannah Region, President Mahama highlighted what he described as the growing resilience of the Ghanaian economy.
“Our economy is doing much better than it has ever done in the last several decades. We have achieved macroeconomic stability and so inflation is down. It came down to 3.2% and recently because of the external factors, it has risen marginally to 3.4%” he said.
President Mahama explained that unlike in previous years when external shocks quickly destabilised the economy, current economic conditions show stronger resilience and stability.
“But that is a sign of a resilient economy because in the past, as soon as there was any external shock, the inflation rate started shooting up and then also the currency started depreciating very fast. But things look more stable. The currency is stable, interest rates have come down and our reserve position continues to rise” he stated.
The President further revealed that government has introduced a new policy aimed at strengthening Ghana’s foreign reserves to better protect the economy against future global shocks.
“We’ve come up with a new policy to build the reserves even higher, to be able to cover 15 months of imports so that in the event of any external shock, Ghana’s economy will be resilient and will not be affected” he said.
President Mahama on Friday, May 22, commenced a two-day #ResettingGhana Tour of the Savannah Region, where he engaged communities and outline government’s development agenda for the region.
Story by: Emmanuel Romeo Tetteh(#RomeoWrites✍️)/Ahotoronline.com | Ghana 🇬🇭