Ghana’s debt burden has been reduced by almost GH₵150 billion, thanks to recent strong gains by the Ghanaian Cedi, President John Dramani Mahama has announced.
Speaking at a high-level presidential panel during the 60th Annual Meeting of the African Development Bank (AfDB) and the 51st Annual Meeting of the African Development Fund (ADF) in Abidjan, President Mahama stated that the Cedi’s continued appreciation could help Ghana achieve its medium-term debt sustainability goals ahead of schedule.
“If this trajectory continues, our target of reaching 55 to 58 percent debt-to-GDP ratio by 2028 will be achieved by the end of this year (2025),” President Mahama declared. “This will give us fiscal space to invest in key sectors of the economy and accelerate growth.”
He credited the progress to bold fiscal and monetary reforms implemented by his administration over the past five months, aimed at restoring investor confidence, enhancing macroeconomic stability, and creating conditions for sustainable growth.
The Ghanaian Cedi, which had been under significant pressure in recent years, has made a strong recovery against major foreign currencies like the US dollar. The currency’s rebound is largely due to:
Improved foreign exchange inflows
Disciplined macroeconomic policies
Rising export earnings
Enhanced investor confidence
These factors have combined to support the local currency and ease Ghana’s debt load, much of which is denominated in foreign currencies.
The AfDB and ADF Annual Meetings attract African heads of state, finance ministers, development partners, and global financial institutions to deliberate on strategies for Africa’s sustainable development. This year’s meetings focused on themes such as fiscal resilience, climate finance, and structural transformation.
President Mahama’s comments underscore Ghana’s renewed commitment to economic stability, debt reduction, and productive investments as the nation navigates its post-crisis recovery.