President John Dramani Mahama has disclosed that Ghana’s recent currency gains have triggered a substantial reduction in the national debt, slashing nearly GH₵150 billion off the country’s burden, a development he says positions Ghana to achieve its medium-term debt sustainability targets well ahead of schedule.
Speaking during a high-level presidential session at the 60th Annual Meeting of the African Development Bank (AfDB) and the 51st Annual Meeting of the African Development Fund (ADF), President Mahama credited the sharp appreciation of the cedi as a key driver of this fiscal windfall.
“If that trajectory continues, the target of reaching 55 to 58 per cent debt sustainability by 2028 will be reached by the end of this year, and that means that it gives us fiscal space to begin to invest in the most productive sectors of the economy,” Mahama told a gathering of African leaders, financial experts, and development partners in Abidjan.
The cedi’s turnaround, after years of volatility and sustained depreciation, has been buoyed by enhanced macroeconomic discipline, improved foreign exchange inflows, and a boost in export performance. These developments, Mahama noted, reflect the impact of strategic fiscal and monetary interventions introduced over the past five months.
He described the measures as “bold, necessary steps to restore investor confidence, stabilise the economy, and secure long-term growth.”
Ghana’s recent fiscal progress comes at a critical time as the country implements key reforms under an IMF-backed programme, and continues to navigate global economic headwinds and regional trade realignments.
The AfDB Annual Meetings serve as a critical platform for shaping the future of Africa’s economic and development agenda, bringing together leaders, policymakers, and financial institutions to chart paths toward inclusive and sustainable growth.
