President John Dramani Mahama has declared that Ghana’s economic recovery is firmly underway, pointing to the strong performance of the Ghanaian cedi as a key indicator of restored stability and confidence.
Speaking during the 2026 State of the Nation Address (SONA), he clarified that his administration did not attempt to artificially control foreign exchange markets but instead focused on strengthening the local currency through sound economic management.
“We did not arrest the dollar; we strengthened the cedi to put up a good fight against other currencies,” he told Parliament, drawing laughter from some Members of Parliament.
The remark was widely interpreted as a subtle jab at previous claims by the former Vice President and 2024 NPP flagbearer that his administration had “arrested the dollar.”
Strong Gains Against Major Currencies
President Mahama reported significant appreciation of the cedi against major global currencies, marking a reversal from years of sharp depreciation:
He noted that the currency’s recovery has helped ease inflationary pressures, improve purchasing power, and restore confidence among import-dependent businesses.
Part of a Broader Economic Turnaround
According to the President, the cedi’s performance reflects a wider transformation across the economy.
“Ghana’s economic turnaround is broad-based and comprehensive. All sectors of the Ghanaian economy have witnessed remarkable improvement in our first year in office,” he said.
He attributed the progress to tighter fiscal discipline, productivity-focused reforms, and measures aimed at restoring credibility in economic governance.
Economy Surpasses Historic Benchmark
Highlighting a major milestone, President Mahama announced that Ghana’s economy has exceeded the $100 billion mark for the first time in its history.
He suggested that, if current growth trends continue, Ghana could soon rank among Africa’s top ten largest economies — a sign of renewed investor confidence and improved economic prospects.
Positioning Ghana for Sustained Growth
The President emphasised that stabilising the cedi, strengthening fiscal management, and promoting productivity remain central to his administration’s agenda.
He said these efforts are designed to ensure long-term resilience and sustained growth, positioning Ghana to compete more effectively in the global economy.
