President John Dramani Mahama says he is surprised by the pace at which Ghana’s economy has rebounded, noting that the turnaround has occurred much faster than he anticipated when his administration assumed office amid severe economic challenges.
Addressing congregants at the First Sky Group’s Thanksgiving Service in the Northern Region on Sunday, January 25, the President said the rate of improvement has exceeded both local and international expectations, drawing praise 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 difficult that he expected it would take at least two years before any meaningful recovery would be evident. However, he said recent developments have defied those expectations.
He pointed to improvements in key macroeconomic indicators, including a significant reduction in inflation and the strong performance of the Ghanaian cedi, as evidence of a faster-than-expected recovery.
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,” the President added.