Mahama says Ghana’s economy remains resilient despite global shocks

President John Mahama has reassured Ghanaians in the Caribbean that Ghana’s economy remains resilient despite global economic challenges, stressing that key indicators such as inflation, interest rates, and the Cedi are holding steady. 

Addressing the diaspora Ghanaians in St. John’s, Antigua and Barbuda, on the sidelines of the Commonwealth Heads of Government Meeting (CHOGM), the President acknowledged that while 2025 was good and expectations for 2026 were higher, the global economic climate had tempered those hopes, yet Ghana’s economy had remained resilient. 

“Before, if something like this had happened, our economy would collapse, the Cedi would jump, and inflation would go high. Interest rates would also go high,” the President stated. 

“But I must say that inflation is holding, interest rates are holding, and the Cedi is holding its own.” 

President Mahama expressed optimism that after the American mid-term elections, a way would be found to resolve the issues creating the global economic shock, allowing Ghana to continue growing its economy. “So, I think at home, things are okay,” he added. 

Turning to remittances, the President said his government was working to create more secure investment avenues for diaspora funds.  

He noted the common practice of sending money to a trusted relative (Wofa)—only to find upon returning home that the funds have disappeared. 

“We are trying to see how we can make your remittances work better for you. When you come out and you are working, you want to send some money back home. Often, you send that money to a ‘Wofa’ officer or somebody, and then you keep sending money back home. They will be bringing you pictures, and you think everything is okay. Then, when you finish your contract and come back, ‘Wofa’ has disappeared,” he said. 

The President said the government is therefore exploring more secure ways for diaspora Ghanaians to invest their remittances in ventures that are safer and yield returns.  

“When you come home, your investment would not have dwindled, but it would have grown. Then you yourself can supervise what you want to invest in,” he assured. 

He urged diaspora Ghanaians in the Caribbean to take advantage of a $1 billion mortgage initiative designed to help citizens at home and abroad become homeowners. 

He said housing had become a priority for his administration, with the rollout of a mortgage scheme that will allow beneficiaries to spread payments over 15 to 20 years.