President John Dramani Mahama has affirmed that Ghana’s economic recovery is well underway, telling Parliament that his government did not seek to “arrest the dollar” but instead strengthened the cedi to compete effectively on the international stage. Speaking during the 2026 State of the Nation Address (SONA), he highlighted the performance of the national currency as a key achievement of his administration’s first year.
“We did not arrest the dollar; we strengthened the cedi to put up a good fight against other currencies,” he said, a remark that drew laughter from some MPs and was interpreted as a subtle reference to the former administration.
Cedi Appreciation
President Mahama reported significant gains for the cedi:
- 40.7% against the United States dollar
- 30.9% against the British pound sterling
- 24% against the Euro
These improvements mark a dramatic turnaround from previous depreciation episodes, which had fuelled inflation, weakened purchasing power, and unsettled import-dependent businesses.
Broad-Based Recovery
The President emphasised that the cedi’s strength is part of a wider economic transformation.
“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, attributing the progress to tighter fiscal management, productivity-enhancing reforms, and restored economic governance.
Historic Milestones
Highlighting a landmark achievement, President Mahama announced that Ghana’s economy had surpassed the $100 billion mark for the first time in history.
“And most importantly, Ghana’s economy has surpassed the 100 billion mark,” he stated, projecting that the country could soon rank among Africa’s top ten largest economies, signalling renewed confidence in its growth trajectory.
The first-year performance underscores the government’s focus on stabilising the cedi, strengthening fiscal discipline, and positioning Ghana for sustained economic growth.
