President John Dramani Mahama says Ghana’s economy remained stable despite the recent tensions between Iran and the United States.
He attributed the resilience to measures put in place by his administration to strengthen the economy.
According to the President, previous global conflicts would have had a significant impact on Ghana’s economy and the value of the cedi. However, he said the country’s current economic position enabled it to withstand the recent geopolitical tensions without major disruptions.
Speaking during the sod-cutting ceremony for the 24-hour market project at Assin Breku in the Assin North District of the Central Region, President Mahama explained that the conflict, coupled with the temporary blockage of the Strait of Hormuz, pushed crude oil prices from about 68 dollars to 120 dollars per barrel.
He noted that under previous economic conditions, such a development would have caused a sharp depreciation of the cedi.
“If it were those days, the cedi would’ve jumped from GH¢25 to one dollar. But by the grace of God and the arrangements we’ve made, Ghanaians didn’t even know there was an ongoing conflict,” he said.
President Mahama maintained that the government’s economic policies have strengthened the country’s resilience against external shocks, reducing the impact of global events on the local economy.
He also highlighted what he described as Ghana’s improved economic standing on the continent, saying the country has moved from the 11th to the 8th largest economy in Africa after overtaking Côte d’Ivoire and Ethiopia.
The President assured Ghanaians that his administration would continue implementing policies aimed at sustaining economic stability and ensuring that citizens benefit from the country’s economic growth.
“In the years ahead, we will continue to put our economy in the right direction so that Ghanaians will benefit,” President Mahama stated.
Source: Mubarak Yakubu
