By President John Dramani Mahama has announced that Ghana’s economy has, for the first time, surpassed the $100 billion mark, with the cedi appreciating sharply against major international currencies — a development he described as clear evidence of a broad and comprehensive economic recovery.
Delivering the State of the Nation Address in Parliament on Friday, 27 February, President Mahama stated that the cedi had appreciated by 40.7% against the US dollar, 30.9% against the British pound and 24% against the euro.
He told lawmakers that exchange rate stability had been central to easing hardship for Ghanaian households.
“Exchange rate volatility has long been at the heart of hardship in Ghanaian households. We made currency stability a priority, and we have delivered,” he said.
“We did not arrest the dollar. We strengthened the cedi to put up a good fight against other currencies,” the President added, drawing applause from the Majority side.
President Mahama linked the currency gains to broader macroeconomic improvements, noting that Ghana’s international reserves had risen from $8.9 billion at the end of 2024 to $13.8 billion, providing cover for 5.7 months of imports.
He attributed much of the reserve build-up to the establishment of the Ghana Gold Board, which formalised gold exports and reduced smuggling. Recorded exports in the artisanal and small-scale mining sector increased from 63.6 tonnes to 103 tonnes, channelling more foreign exchange into the economy.
“When the cedi stabilises, imported inflation falls, businesses can plan better, and household incomes improve,” he stated.
The President also referenced the Ghana Accelerated National Reserve Accumulation Policy, presented to Parliament on Wednesday, 25 February 2026. The policy seeks to increase international reserves to cover 15 months of imports by the end of 2028.
With gold prices forecast to remain high over the next three years, President Mahama said Ghana has a unique opportunity to build what he described as an “economic war chest” to withstand global shocks and secure long-term macroeconomic stability.
He maintained that the recovery is not confined to a single sector, insisting that all sectors of the economy have recorded improvements in the administration’s first year in office.
“Our economic turnaround is broad-based and comprehensive,” he said, adding that the government remains focused on safeguarding stability and improving living standards for citizens.
