Accra, Feb. 27, – President John Dramani Mahama has declared that Ghana has rebuilt its standing in the global financial community, restoring its reputation as a reliable destination for investment and commerce.
Delivering his 2026 State of the Nation Address (SONA) to Parliament, the President attributed the renewed confidence to disciplined fiscal management and decisive policy interventions implemented by his administration.
He affirmed that while Ghana would continue to respect international standards and obligations, it would not compromise its national interest to external influences.
Reflecting on the state of the economy his government inherited, President Mahama described it as being in deep crisis, weighed down by years of fiscal indiscipline and mismanagement. He said the country faced severe economic hardship, with citizens bearing the brunt of instability and declining living standards.
He acknowledged that the path to recovery would be difficult but assured Ghanaians that his administration was determined to reverse the downturn and ease the burden on households.
The President recalled his commitment to reset the economy and place it on a trajectory of sustainable growth and development, stressing that this required firm, prudent and sometimes difficult decisions to restore macroeconomic stability and credibility.
“Today, Mr Speaker, I can state confidently that Ghana is open for business,” he said, adding that the signs of recovery and acceleration were evident.
President Mahama indicated that efforts to strengthen fiscal discipline had yielded results. He noted that Ghana’s Gross Domestic Product (GDP) was projected to rise to 113 billion US dollars, up from 83 billion US dollars at the end of 2024, positioning the country among the top ten largest economies in Africa.
He stated that GDP growth recorded in the first three quarters of 2025 was underpinned by firm economic management. The primary surplus, he said, reached 2.6 per cent of GDP, surpassing the 1.5 per cent target set by government.
On debt sustainability, the President recalled that Ghana had earlier declared its inability to meet certain debt obligations, a development that had constrained economic progress. He said between 2025 and 2028, the government undertook comprehensive debt restructuring and bilateral negotiations.
As a result, the debt-to-GDP ratio declined from 61.8 per cent to 45.3 per cent, which he described as one of the sharpest improvements in the country’s fiscal history.
He also announced that Ghana’s credit ratings had been upgraded by Moody’s and Standard & Poor’s, describing it as the first triple upgrade in several years and a clear signal that investor confidence had returned.
“Ghana’s credibility is restored. Ghana is rising,” the President declared.
Addressing inflation, President Mahama said the high rate inherited by his administration had significantly eroded purchasing power. Inflation peaked at 54.1 per cent at the end of 2022 and stood at 23.5 per cent at the end of 2024.
Through fiscal consolidation, currency stabilisation and tight monetary policy, he said inflation had been reduced to 3.8 per cent, representing a decline of 26.6 percentage points. Inflation for locally produced goods also fell by 22.6 percentage points.
He said the reduction in inflation had practical implications for families and businesses, enabling parents to better provide for their children and creating a more conducive environment for enterprises to expand and generate employment.
The President further highlighted reductions in fuel prices, noting that petrol prices had dropped from GH¢15.2 to GH¢10.7 per litre, and from GH¢10 to GH¢9.9, while diesel declined from GH¢15.4 to GH¢11.3 per litre. He said these adjustments had brought relief to approximately 3.7 million vehicle owners and millions of commuters who depend on public transport.
On exchange rate stability, President Mahama said managing currency volatility had been a priority. He reported that the cedi appreciated by 40.7 per cent against the US dollar, the British pound and the euro, describing it as a significant turnaround.
The President added that projections showed continued expansion in key economic indicators, supported in part by the establishment of the Ghana Gold Board, which he identified as a major contributor to the country’s improved performance.
He concluded that the first year of his administration had delivered measurable gains, restoring hope and demonstrating that sound leadership and responsible governance could transform the lives of the Ghanaian people.
GHBUSS
27 Feb. 2026
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