President John Dramani Mahama has expressed surprise at the speed of Ghana’s economic recovery, saying the turnaround has occurred much faster than he anticipated when his administration took office amid severe economic challenges.
Speaking at the First Sky Group’s thanksgiving service in the Northern Region on Sunday, January 25, the President said the pace of improvement has exceeded both local and international expectations, attracting commendation from institutions such as the International Monetary Fund (IMF) and the World Bank.
President Mahama explained that the economic conditions inherited by his government were so dire that he expected it would take at least two years before clear signs of recovery would begin to emerge. However, recent developments, he noted, have defied those projections.
He pointed to improvements in key macroeconomic indicators, including a sharp decline in inflation and the strong performance of the Ghanaian cedi, as evidence that the economy is rebounding faster than expected.
The President attributed the gains to prudent economic management, fiscal discipline and what he described as divine intervention.
“I have done this job before, and the crisis we faced was extremely difficult. In my own estimation, I thought it would take about two years to see an economic turnaround. But this is how far God has brought us,” he said.
“We are all surprised and shocked at the speed of the recovery. Whenever I meet IMF and World Bank officials, they are amazed at what has happened in Ghana. Today, Ghana has become something of a poster child for the IMF and the World Bank. Bringing inflation down from 23.8 per cent to 5.4 per cent within a year, and seeing the cedi appreciate by 37 per cent in the same period, can only be attributed to the grace of God,” President Mahama added.
