President John Dramani Mahama has disclosed that the recent appreciation of the Ghanaian cedi has significantly reduced the country’s debt stock by nearly GH₵150 billion.
Speaking during a high-level presidential panel at 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 said the cedi’s recovery is accelerating Ghana’s progress toward its debt sustainability goals.
“If this trajectory continues, the target of reaching 55 to 58 per cent debt-to-GDP ratio by 2028 will be achieved by the end of this year,” he said. “That would create fiscal space for us to begin investing in the most productive sectors of the economy.”
He credited the progress to bold fiscal and monetary measures implemented by his administration over the past five months, aimed at restoring investor confidence, stabilising the economy, and laying the foundation for long-term growth.
The cedi, which had depreciated sharply in recent years, has shown strong gains in recent weeks against major foreign currencies, particularly the US dollar. This rebound has been supported by increased foreign exchange inflows, disciplined macroeconomic management, and a surge in exports.
The AfDB Annual Meetings brought together African leaders, policymakers, development partners, and financial institutions to discuss strategies for sustainable development and economic transformation across the continent.
Source: Albert Kuzor
