Dr. Theo Acheampong, Technical Advisor at the Ministry of Finance, has assured that Ghana’s economy is in a stronger position to absorb external shocks compared to three years ago.
He made the remarks during an appearance on Channel One TV’s The Point of View on Wednesday, March 18, where the discussion focused on whether Ghana’s economy can withstand the impact of the ongoing conflict involving the United States, Israel, and Iran.
Acheampong explained that the global shocks currently affecting economies are “the new norm of the day,” but emphasised that Ghana’s ability to respond has improved significantly since the country returned to the International Monetary Fund (IMF) in 2023.
“If you go back to why we went to the IMF in 2023, the fact is that these shocks are the new norm. It really comes down to what you do in terms of building up reserves to support your economic recovery agenda,” he said.
He noted that Ghana’s starting point today is far better than in late 2022 and early 2023, when the government sought IMF support.
Acheampong pointed to improvements in key economic indicators, including the current account, trade balances, foreign exchange inflows, and reserve levels.
“The ability of the government to respond to these external shocks is relatively better now than we were three years ago,” he added.
His comments come at a time when global crude oil prices have surged due to geopolitical tensions, raising concerns about fuel costs and inflationary pressures in Ghana. While the Minority in Parliament has criticized government policies such as the Energy Sector Levy, Acheampong’s remarks suggest that Ghana’s fiscal and reserve position provides a stronger buffer against such external risks.
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