We did not arrest the dollar; we strengthened the cedi to put up a good fight

In his latest State of the Nation Address, President John Mahama highlighted the economic challenges his administration inherited and detailed the progress made under his leadership.

President Mahama noted that the economy was in a state of severe crisis when his government assumed office, leaving many Ghanaians facing years of hardship. “Tough, necessary decisions had to be taken to restore stability. Ghana is back, Ghana is working again, and on the path to progress,” he stated.

The President outlined significant economic achievements over his term. According to his address, inflation has fallen sharply from 23.5% in 2024 to 3.8% over 13 consecutive months. Food inflation also declined significantly, while gross domestic product (GDP) growth reached 6.1% in the first quarter of 2025. The fiscal deficit, he added, has been reduced to 3.1%.

On Ghana’s currency performance, President Mahama emphasized that the cedi had strengthened against major global currencies. “We did not arrest the dollar; we strengthened the cedi to put up a good fight,” he said.

Highlighting Ghana’s emergence among the top ten largest economies in Africa, the President reaffirmed his administration’s commitment to easing the financial burden on citizens. He announced the abolition of several levies, including the E-Levy and the COVID-19 levy, to provide relief to Ghanaians.

President Mahama also expressed gratitude to Parliament for passing the 24-hour economy bill into law, describing it as a milestone in supporting economic growth and business operations across the country.