President Mahama labels 2022 debt default “Darkest Day” in Ghana’s economic history

2026 State of the Nation Address contrasts past crisis with current recovery, pledging results-driven governance.

President John Dramani Mahama has sharply criticised the previous administration led by Nana Akufo-Addo, describing December 19, 2022, the day Ghana announced a moratorium on domestic and external debt repayments, as “one of the darkest days in Ghana’s economic history.”

Delivering his 2026 State of the Nation Address, Mahama contrasted the debt default with his administration’s approach, which he said is anchored in fiscal discipline, accountability, and targeted investment.

Mahama defended his government’s record by highlighting the performance of the Ghanaian cedi, which has appreciated against major currencies since his return to office. “We did not arrest the dollar; we strengthened the cedi to put up a good fight against the other currencies,” he told lawmakers, in what many interpreted as a subtle jab at past political rhetoric.

The President argued that sound economic management must go beyond policy pronouncements and macroeconomic targets, insisting that recovery efforts must translate into tangible improvements in living standards, job creation, and expanded opportunities for Ghanaian youth.

Mahama outlined ongoing initiatives aimed at stabilising the economy and strengthening key sectors such as energy, agriculture, and manufacturing. He also emphasised the expansion of social intervention programmes to protect vulnerable groups, positioning his administration as focused on inclusive growth.

According to him, the government’s approach combines fiscal discipline with targeted investment to restore investor confidence and accelerate national development.

Mahama concluded his address by stressing that his administration would be judged not on plans or projections but on measurable results. “Our government will be judged not merely on plans and projections, but on outcomes that positively impact the daily lives of Ghanaians,” he said, underscoring a commitment to practical governance and sustained progress.