Strengthen Economy to Withstand External Shocks, Analyst urges Govt

Economic Analyst, Emmanuel Boateng has called for stronger economic policies and long-term development planning to help Ghana withstand external shocks that could negatively affect the country’s economic stability.

Speaking on the Business Breakfast on Zed 101.9FM, Mr. Boateng stated that global developments have a direct impact on Ghana’s economy and should not be taken lightly.

According to him, external economic pressures can significantly affect countries with weak economic structures, making it crucial for Ghana to strengthen its economic fundamentals.

“It’s going to affect the economy, so we shouldn’t say it doesn’t matter. It does matter,” he said.

Mr. Boateng explained that such developments should serve as a lesson for Ghana to build a stronger and more resilient economy capable of withstanding external shocks.

He emphasised that tackling corruption and strengthening institutions are key steps toward building a robust economic system that can better manage the effects of global changes.

“If your economy is not strong enough, what comes from outside can easily break you. That is why strengthening the economy is very crucial,” he added.

The economic analyst further stressed the need for Ghana to rethink its broader economic strategy by adopting a comprehensive development plan aimed at promoting long-term growth and sustainability.

He noted that while various policies have been introduced over the years, there is still a need for a clear and consistent development agenda that prioritises economic resilience and national development.

Mr. Boateng urged policymakers to take deliberate steps to reposition the economy to maximise the benefits of reforms and ensure sustainable growth.

“We really need to rethink the Ghanaian economy and have a development plan that will help the country move forward and deliver the benefits it promises,” he said.

He expressed optimism that with the right policies and commitment, Ghana could build a stronger economy capable of navigating global uncertainties while improving the livelihoods of its citizens.