Blame economic woes on global trends – Mahama

President John Dramani Mahama has said that recent developments in advanced economies have led to an adverse economic projection for Ghana.

Delivering his last State of the Nation Address in Parliament on Thursday, January 5, in accordance with article 67 of the 1992 constitution, Mr Mahama pointed out: “As the United States of America (USA) makes a slow but steady recovery, the recent increase in the US interest rates means more money is leaving emerging markets and being reinvested in America. Coupled with the fall in commodity prices on the international markets, this is causing an adverse economic outlook for lower-middle income economies like ours (Ghana).”

He was of the view that majority of economies around the world are sailing against strong headwinds.

President Mahama held the view that, “the world economic crisis and the slow-down in the growth of the Chinese economy has affected the growth of emerging markets and has resulted in a fall in world demand for commodities”.

These factors, he said, have affected countries negatively but expressed hope that with prudent economic policies instituted by government, a good foundation has been provided for the incoming New Patriotic Party (NPP) government to excel.