President John Dramani Mahama has expressed confidence in Ghana’s ongoing economic recovery, stating that the country is on course to achieving a single-digit inflation rate by mid-2026 — a milestone that could significantly enhance investor confidence.
Speaking at the opening of the Ghana–EU Business Forum in Accra on Tuesday, May 20, Mahama emphasized recent gains in the country’s economic indicators and reiterated his administration’s commitment to macroeconomic stability.
He noted that inflation, which had surged to 23.8% at the close of 2024, has now begun a downward trend, falling to 21.2% in April 2025. This progress, Mahama said, is the result of controlled food and non-food price increases, alongside responsible fiscal policies.
“We are aiming for single-digit inflation by mid-2026,” he said. “This goal will be supported by a tighter monetary policy, sound fiscal consolidation, and a stable exchange rate.”
President Mahama also highlighted a rebound in the Ghanaian cedi. After weakening by 19.2% in 2024, the currency regained strength, appreciating by 3.9% against the US dollar by the end of 2025. He credited this to improved foreign exchange inflows, better trade balances, and growing investor trust.
Additionally, Ghana’s gross international reserves have seen a notable increase — rising from $8.98 billion in December 2024 to $10.6 billion by April 2025, equivalent to nearly five months of import cover. Mahama attributed this improvement to stronger export earnings, particularly from gold and non-traditional sectors, along with timely financial support from international partners.
“These early-year indicators point to a more resilient and inclusive economy,” he concluded.
