“Our economy can withstand external shocks” – Mahama declares

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Makay
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President John Mahama

President John Dramani Mahama has declared Ghana’s economy is now resilient enough to withstand external shocks.

According to John Mahama, Ghana’s economy is resilient due to a series of measures implemented by his administration.

President Mahama stressed that Israel, Iran and the United States accentuate the need for a strong and stable domestic economy.

He further highlighted that the COVID-19 pandemic and the Russia-Ukraine war exposed the vulnerabilities in economies under the former Akufo-Addo government.

Speaking during his ‘Resetting Ghana Tour’ in the Bono Region on Wednesday, March 18, “In this world, unexpected events can occur at any time. If your monetary system is not well cushioned, such shocks can destabilise the economy,” he said.

“I have hope that the measures we have put in place in our first year have strengthened the economy. Even with ongoing global tensions, our economy will be able to withstand the impact,” he added.

Earlier, President John Dramani Mahama admitted that the escalating conflict between the United States, Israel and Iran is not only affecting the Middle East, but the whole world.

According to President Mahama, tensions in the Middle East are troubling, calling for prayers and renewed efforts toward peace.

Speaking on Monday, March 16, during an Iftar with members of the Muslim community at the Jubilee House, President Mahama stated, “We are all concerned about what is happening in the Middle East. The conflict involving the United States, Israel and Iran is not only affecting the Middle East, but the whole world. We pray that Allah will touch the hearts of everyone involved in this conflict and bring peace to the region”

“If you say you are a true Muslim or a true Christian and you are unforgiving, wicked, and kill your fellow man, you cannot call yourself a true Christian or a true Muslim. At a time when many parts of the world are faced with conflict and uncertainty, we must continue to protect the peace Ghana enjoys,” he said.

He added, “I humbly ask for your prayers during this Ramadan for our country, for our leaders, and for other parts of the world affected by conflict, especially in the Middle East”.

Also, President John Dramani Mahama has warned that the escalating conflict in the Middle East could have serious economic consequences for Africa.

According to John Mahama, hostilities involving the United States, Israel, and Iran would hurt African economies.

Mahama argued that the Middle East is the epicentre of global oil supplies, adding that African economies must brace for inevitable shocks.

President Mahama made this known while speaking during a bilateral meeting with Tanzanian President Samia Suluhu Hassan at the State House in Arusha on March 2, 2026.

He expressed alarm over the intensifying exchanges between the U.S., Israel, and Iran, as well as the counter-attacks, stressing that the tensions would trigger the rise of crude oil prices, which would impact African countries.

Meanwhile, Dr Johnson Asiama, the Governor of the Bank of Ghana (BoG), has cautioned that the Middle East conflict poses fresh inflation risks for Ghana.

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