Gana’s Debt Reduced by GH₵150 Billion Due to Cedi Gains – Prez. John Mahama
Story By: Akua Oteng Amponsah
President John Dramani Mahama has stated that recent gains by the Ghanaian cedi have resulted in a significant reduction of the country’s total debt burden by nearly GH₵150 billion.
Speaking at the 60th Annual Meeting of the African Development Bank (AfDB) and the 51st Annual Meeting of the African Development Fund (ADF) in Abidjan, Mahama said Ghana is on track to achieve its medium-term debt sustainability targets earlier than expected if the cedi’s appreciation continues.
“If that trajectory continues, the target of reaching 55-58% debt sustainability by 2028 will be reached by the end of this year, and that means it gives us fiscal space to begin to invest in the most productive sectors of the economy,” he stated.
Mahama attributed the progress to key fiscal and monetary interventions undertaken by his administration, describing them as bold and necessary steps to restore investor confidence, stabilise the economy, and secure long-term growth.
The cedi’s recent gains against major foreign currencies, particularly the US dollar, have been driven by improved foreign exchange inflows, macroeconomic discipline, and increased exports. Mahama’s comments suggest that the country’s economic trajectory is improving, potentially allowing for increased investment in productive sectors.
The AfDB Annual Meetings provide a platform for African leaders, policymakers, development partners, and financial institutions to discuss strategies for sustainable development and economic transformation on the continent.
