President John Dramani Mahama has announced that Ghana’s total public debt has been reduced by nearly GH₵150 billion, thanks to the strengthening of the Ghanaian cedi. Speaking at the 60th Annual Meeting of the African Development Bank (AfDB) and the 51st African Development Fund (ADF), the President highlighted this as one of the major wins under his current administration.
Mahama attributed the debt reduction to the strong performance of the cedi over the past five months, which has significantly decreased the local value of Ghana’s foreign-denominated debt.
President Mahama pointed to deliberate fiscal and monetary interventions—including tightened government spending, improved foreign exchange inflows, and strong macroeconomic discipline—as key drivers of the currency’s appreciation.
“These gains aren’t accidental,” he stated. “We have restored investor confidence and implemented serious reforms that are finally showing results.”
He projected that, with the current trajectory, Ghana could reach its medium-term debt sustainability target of 55–58% of GDP by the end of this year—far earlier than the previous 2028 projection.
The President’s announcement has been well-received by party loyalists and economic observers alike. The Gallant Cadres of the NDC praised both Mahama and Finance Minister Dr. Cassiel Ato Forson for their stewardship in stabilizing the economy during challenging global conditions.
Mahama further emphasized the need to maintain the momentum by boosting domestic revenue, fighting corruption, and cutting wasteful government expenditures.
With the cedi gaining strength and debt levels falling, the President signaled plans to redirect fiscal space toward high-impact investments in sectors such as agriculture, health, and education.
“This is not just about debt numbers. It’s about freeing resources to serve the people of Ghana,” he added.
