John Dramani Mahama on Friday declared that Ghana is rebounding from its worst economic crisis in decades, pointing to slowing inflation, a firmer currency and improving public finances as signs of recovery.
Speaking during his State of the Nation address to parliament in Accra, Mahama said, “Ghana is back” and “open for business,” positioning the gold- and cocoa-producing nation as a renewed destination for investment after years of turbulence.
From Crisis to Recovery
Ghana sought support from the International Monetary Fund in December 2022 after soaring debt, sharp currency depreciation and inflation above 50% pushed the country into default. The bailout required tough fiscal reforms and debt restructuring negotiations with creditors.
Mahama, re-elected in December 2024, said growth averaged 6.1% in 2025, while inflation fell to 3.8% in January a dramatic drop from its 2022 peak. He added that the cedi has strengthened by about 40% against the U.S. dollar in recent months, helping ease import and fuel costs.
Public finances have also improved. According to the president:
The government posted a primary budget surplus
Debt-to-GDP fell to 45.3% from nearly 62% a year earlier
Foreign reserves climbed to $13.8 billion (almost six months of import cover)
The country recorded an 8.1% current account surplus, supported by higher gold exports and remittances
Mahama also said Ghana repaid $1.4 billion in debt service and settled part of its eurobond obligations ahead of schedule to rebuild credibility in international markets.
New Push for Growth
To sustain momentum, Mahama announced:
Expanded round-the-clock manufacturing and export initiatives
Stricter public procurement rules
Major new investments in the energy sector, including offshore oil and gas development
“Our focus now is stability, jobs and growth,” he told lawmakers. “We have laid the foundation and we will protect it.”
Source : TRT News
