Convener of the OneGhana Movement and Trustee of the Ghana Coalition Against Galamsey, Senyo Hosi, has cautioned that while the government has achieved macroeconomic stability, Ghana’s economy remains vulnerable to external shocks due to a lack of true resilience.

His comments come in the wake of assertions by the President that the economy has become more resilient under the current administration.

Speaking in an interview on JoyNews’ Newsfile on Saturday, March 21, Hosi commended the government and the Bank of Ghana for their efforts to stabilise the cedi and curb inflation through aggressive monetary policy measures.

"The coordination between government, the central bank, and key economic actors has been impressive,” he said.

However, "a resilient economy requires diversification, strong private-sector growth, and the capacity to withstand external shocks. Unfortunately, our economy still depends heavily on gold, which accounts for about 68% of our exports,” he explained.

He warned that fluctuations in gold prices could have a major impact, given the limited diversification in Ghana’s economic structure.

Hosi also noted that while the current government has effectively built on previous fiscal and policy interventions, there is a need for modesty.

“The progress we have seen is commendable, but it is mostly stability. The next step must be building the right pillars for transformation,” he said.

He further highlighted that credit to the private sector remains low relative to total banking assets, limiting the dynamism needed to drive sustainable economic growth.

“Now that the fires have been quenched, it is time to start building the house. We need a clear pathway for investment, diversification, and private-sector-led production,” he added.