President John Dramani Mahama has said Ghana’s economy is resilient and capable of withstanding external shocks.
According to John Mahama, Ghana’s economy used to stand on broomsticks; but today it is standing on concrete pillars.
Mahama noted that in the past Ghana’s economy was vulnerable to developments in the global economic environment, but argued that today the economy is stabilised despite international challenges.
Speaking during his accountability engagement in Wa at the weekend as part of his #ResettingGhana Tour of the Upper West Region, Mahama stated, “In the past, Ghana’s economy used to stand on broomsticks. As soon as something happens in the world, it comes crashing down. Today Ghana’s economy is standing on concrete pillars, so even when there’s an earthquake, the country is still standing.
“This Iran-Israel-US war, if it had happened some years back, by now the economy would have come crashing down, but happily it’s been well managed,” the President explained.
Mahama, however, noted that while the economy remained stable, external developments had slowed the pace of progress expected by the Government.
According to John Mahama, his government planned to invest GH¢2.5 billion annually in five key sectors of the economy under its proposed “new economy” initiative aimed at creating jobs and opportunities for young people.
President Mahama disclosed that the Minister of Finance would unveil the initiative in the 2027 Budget Statement, with investments targeted at sectors including pharmaceuticals, agriculture and agro-processing, tourism, and power generation.
“These are not going to be government businesses. Government is not going to set up state-owned enterprises with GH₵2.5 billion a year. It is going to go to the private sector to set up the businesses,” President Mahama indicated.
Mahama further urged entrepreneurs and private sector operators to take advantage of the opportunities to expand businesses and create employment for the youth.
Meanwhile, the latest Monthly Indicator of Economic Growth (MIEG) from the Ghana Statistical Service (GSS) has disclosed that Ghana’s economy grew by 5.1% in May 2026.
According to the stats, the pace of expansion slowed compared with the same period last year.
Part of a news article filed by Citi News stated, “The May growth rate compares with 6.6% recorded in May 2025, representing a 1.5 percentage-point slowdown.
The GSS, however, says the slower growth should not be interpreted as a contraction. It means the economy is still expanding and is larger than it was a year earlier, but at a more moderate pace.
The services sector continued to lead economic expansion, growing by 7.2% in May 2026, slightly below the 7.5% recorded a year earlier.
The sector’s performance was driven largely by information and communication, underscoring the growing contribution of digital and communications-related activities to the economy.
Agriculture grew by 3.6%, down significantly from 9.8% in May 2025”.
Also, Policy Analyst Alfred Appiah in a post stated, “Latest data from @StatsGhana shows Ghana’s economy expanded by 5.1% in May 2026, down from 6.6% in May 2025. Growth is still led by services, up 7.2%.
The monthly indicator of economic growth is an early read on the direction of quarterly GDP. Average growth in the first two months of Q2 is 4.9%, against 7% in the same period last year.
Over January to May, growth averaged 5.8% compared with 6.5% last year. The slowdown is not broad: industry actually picked up, from 3.6% to 5.8%. It is services, from 9.0% to 6.9%, and agriculture, from 4.6% to 3.4%, that have come off. The economy’s main engine is losing momentum”.
Reports suggest a sharp slowdown is significant as agriculture remains an important source of jobs and livelihoods.
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