President John Mahama has assured the citizenry that the country’s economy remains resilient and in safe hands despite external shocks and global economic uncertainties.
He cited the government’s fiscal discipline, inflation control, and ongoing infrastructure investments as indicators of economic stability.
He emphasised that, “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.”
President Mahama said this while addressing a durbar dubbed: “Accounting to the People” in Tamale on Sunday as part of his two-day Resetting Ghana Tour of the Northern Region.
The durbar was attended by some Chiefs and people of the region, with some Ministers of State taking turns to share what had been done within their sectors over the past year and what was ongoing.
He said the government maintained economic stability amid serious economic pressures, such as rising fuel prices and shortages of petroleum products.
He said while global events, including the impact of war, had caused significant increases in fuel prices internationally, Ghana had been able to manage petroleum prices to cushion citizens and prevent inflationary pressures from rising sharply.
He said the government’s prudent economic management had helped stabilise the country’s currency, maintain relative price stability, and protect the gains made in reducing inflation.
He said inflation, which stood above 24 per cent when his administration assumed office, had been reduced to below four per cent through fiscal discipline and sound economic management, adding government was committed to sustaining the gains.
President Mahama said despite Ghana’s inability to access the international capital market following the country’s debt default, government had continued to finance major development interventions using domestic resources.
He said the situation had demonstrated the potential of mobilising and deploying local resources effectively to sustain national development and cited ongoing road infrastructure projects across the country as evidence of government’s commitment to development, despite financing constraints.
He said about 2,000 kilometres of roads were currently under construction simultaneously, including major highways linking regions and roads connecting regional capitals to district capitals.
President Mahama said the scale of infrastructure development being undertaken without reliance on external borrowing reflected the resilience of the economy and government’s commitment to responsible economic management.
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Source: www.myjoyonline.com