Ghanaian President John Dramani Mahama has credited the recent strengthening of the Ghanaian cedi with significantly easing the country’s debt burden, reducing it by nearly GH₵150 billion over the past five months.
Speaking during a presidential panel at the African Development Bank (AfDB) and African Development Fund (ADF) Annual Meetings in Abidjan on Tuesday, Mahama highlighted the cedi’s rebound as a key factor in reversing the escalating cost of Ghana’s largely foreign-denominated public debt.
“One major driver of our debt crisis was the weakening of the cedi,” he explained. “As the local currency depreciated, the cost of servicing foreign loans soared. Thanks to the corrective measures we’ve implemented, the cedi is gaining strength and our total debt has dropped substantially.”
President Mahama said the government is now on track to meet its medium-term debt sustainability goals ahead of schedule, projecting a debt-to-GDP ratio of 55 to 58 percent by year-end—targets that were initially set for 2028.
He attributed the progress to decisive fiscal and monetary actions introduced in recent months, which he said have not only stabilized the economy but also renewed investor confidence and enabled new investments in key sectors.
While welcoming the relief provided by the cedi’s recovery, Mahama emphasized the need for deeper structural reforms. “We must enhance domestic revenue generation, eliminate wasteful spending, combat corruption, and improve transparency in governance,” he said.
The AfDB Annual Meetings bring together African leaders and development partners to discuss strategies for inclusive growth and sustainable economic transformation. President Mahama’s remarks come as Ghana continues its post-crisis recovery under his renewed leadership.