Convener of the OneGhana Movement, Senyo Hosi, has urged caution in celebrating Ghana’s economic progress, warning that while the government has achieved stability, the country still lacks the resilience needed to withstand future shocks.

Speaking in an interview on JoyNews Newsfile on Saturday, March 21, Hosi commended the government and the central bank for their efforts in stabilising the economy.

“The macroeconomic fundamentals were extremely weak, and the path of growth was unclear. But the government charted a path, and the central bank’s aggressive monetary policy, especially mopping up liquidity to stabilise the currency, has been phenomenal,” he said.

However, Hosi was quick to point out that the gains so far represent stability, not resilience.

All that we have achieved is stability. It has actually laid the path for us to start building resilience and all that. The key things you have in a resilient economy are not in our economy. Let's not kid ourselves. So there's a need for modesty about the progress that has been achieved.

And let's also remember, in the very first year of Nana Addo's government, we also saw a certain level of recovery and stability, which we just projected was finishing at the time. So, I mean, there was a certain recovery. It was progress actually built on the back of the IMF interventions, the tech-based fiscal consolidation."

Citing the country’s heavy reliance on gold exports, Hosi highlighted the risks of overdependence on a single commodity.

“Gold accounts for 68% of our exports. If prices drop significantly, it could be a major shock because we do not yet have the capacity to manage such external shocks,” he explained.

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