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Ghana is recovering from its worst economic crisis in decades, President John Dramani Mahama said Friday, pointing to slowing inflation, a stronger currency, and falling debt as signs of stability.
The country had “laid the foundation—and we will protect it,” Mahama said during his State of the Nation address in Accra, adding that “our focus now is stability, jobs, and growth.”
Mahama noted economic improvements, including growth averaging 6.1 percent in 2025, inflation slowing to 3.8 percent in January from a peak above 50 percent in 2022, and the cedi currency strengthening about 40 percent against the U.S. dollar in recent months.
Ghana sought an IMF bailout in December 2022 after surging debt, currency depreciation, and soaring prices pushed it into default.
Since then, fiscal reforms and debt restructuring have helped stabilise the economy.
Mahama said public finances have improved, with a primary budget surplus and the debt-to-GDP ratio falling to 45.3 percent from nearly 62 percent a year earlier.
He added that foreign reserves had risen to $13.8 billion, nearly six months of import cover, while the country recorded an 8.1 percent current account surplus, aided by higher gold exports and remittances.
The president also announced new initiatives to sustain growth, including fresh spending to promote round-the-clock manufacturing and exports, tighter public procurement rules, and new investment in the energy sector, including billions of dollars pledged for offshore oil and gas fields.
Mahama declared that “Ghana is back” and “open for business”, positioning the gold- and cocoa-producing country as a safer destination for investors after years of economic turbulence.
