By Juliet ETEFE
President John Dramani Mahama has noted that Ghana’s economy is on the path of recovery, asserting that the country’s credibility has been restored and that the fundamentals for sustained growth are now in place.
Delivering his second State of the Nation Address under Article 67 of the Constitution, Mahama said the government inherited an economy in severe crisis, burdened by unsustainable debt, high inflation, a depreciating currency, and an escalating cost-of-living crisis.
“I was clear from the outset that recovery would not come easily, but I would stop at nothing to turn this situation around and bring relief to Ghanaians,” he told Parliament.
The President outlined a series of measures under the Resetting Ghana Agenda, aimed at restoring economic stability and building public trust.
These included tightening expenditure and commitment controls, improving payables reporting, and conducting a comprehensive audit of 2024 commitments. According to Mahama, these steps have delivered “some of the most remarkable economic outcomes in decades.”
He stressed that “Our nation is on the runway, it is in take-off mode, and you are all advised to fasten your seatbelts. Mr. Speaker, the journey continues, and the direction is set, and the hope is real.
“Our theme today of building prosperity, restoring hope, is not merely aspirational, it reflects the tangible transformation we have delivered for the Ghanaian people.”
On macroeconomic performance, Mahama revealed that Ghana’s GDP is projected to reach US$113 billion in 2025, up from US$83 billion in 2024, placing the country among Africa’s top ten largest economies. Average GDP growth for the first three quarters of 2025 stood at 6.1 percent, while the primary surplus reached 2.6 percent of GDP, exceeding the target of 1.5 percent. Fiscal deficit was closed at 3.1 percent, below the projected 3.8 percent.
Highlighting debt management, the President said public debt fell by GHS82.1 billion, reducing the debt-to-GDP ratio from 61.8 percent to 45.3 percent. He also noted that a US$709 million euro bond scheduled for 2025 repayment was settled ahead of schedule, completing the US$1.4 billion debt service. These efforts, Mahama said, led to Ghana receiving a triple credit rating upgrade from Fitch, Moody’s and others.
On inflation, Mahama reported a dramatic decline from 23.8percent at the end of 2024 to 3.8 percent by January 2026, with food inflation—the main driver of previous price pressures—falling by 26.6 percentage points, providing tangible relief for households.
“Ghana is back. Ghana is working again, and Ghana is open for business,” Mahama said, adding that the government’s focus on discipline, reform, and stability has restored investor confidence and created space for private enterprise to thrive.
The President reiterated that the nation is now “on the runway” for sustained acceleration, reflecting a government determined to build prosperity through sound policy, responsible governance, and inclusive growth.
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