By Francis Ntow, GNA
Accra, Feb 27, GNA – President John Dramani Mahama has declared that Ghana’s economy is on a path of accelerated growth, reiterating the government’s renewed focus on economic transformation that offers prosperity and hope to citizens.
The President said the country reached this stage having taken tough, prudent, and necessary decisions, by prioritising discipline and reform, taking steps to stabilise the economy, restore public finances, and improve expenditure controls.
He said this during the delivery of his message on the State of the Nation to Parliament on Friday, saying: “Our nation is on the runway. It is in take-off mode, and you are all advised to fasten your seatbelts.”
Article 67 of the 1992 Constitution provides that the President delivers a message on the State of the Nation to Parliament at the start of each session and before the dissolution of Parliament.
Speaking before Parliament, President Mahama said: “The journey continues. But the direction is set. And the hope is real. Our theme today; ‘Building Prosperity, Restoring Hope,’ is not merely aspirational. It reflects the tangible transformation we have delivered for the Ghanaian people.”
He stated that with a clear direction set, the government would work to deliver tangible results for Ghanaians, aiming to boost productivity, create jobs, and drive growth that would deliver positive change and improve lives.
“I told this august House when I appeared before you last year that we would have to take tough, prudent, and necessary decisions to restore stability and credibility. Today, I can say with confidence: Ghana is back. Ghana is working again and is open for business. The fundamentals are improving, and the path to sustained acceleration is clear,” he said.
The President, speaking about the performance of the macroeconomy, signalled that the fundamentals of the Ghanaian economy were improving, with inflation, debt, and currency volatility, all showing noticeable progress.
He noted that the country’s inflation, which peaked at 54.1 per cent at the end of 2022, and declined to 23.5 per cent by the end of 2024, had declined to 3.8 per cent in January, attributed to fiscal consolidation, currency stabilisation, and disciplined monetary policy.
The Cedi appreciated by 40.7 per cent against the US dollar, 30.9 percent against the Pound Sterling, and 24 per cent against the Euro, reversing years of depreciation, while foreign reserves stood at US$13.8 billion, covering 5.7 months of imports.
He said debt restructuring had reduced by GHS82.1 billion, from 61.8 per cent to 45.3 per cent of Gross Domestic Product (GDP), with the country settling US$1.4 billion in debt service in 2025 to restore credibility with international partners.
“Our economy has grown significantly. In 2025, Ghana’s GDP is expected to reach US$113 billion, up from US$83 billion at the end of 2024. This has placed Ghana among the top 10 largest economies in Africa,” President Mahama said.
He said major credit rating agencies, including Fitch, Moody’s, and S&P have all upgraded Ghana’s ability to repay debts on time, signalling renewed confidence in the country’s economic management.
“Petrol prices dropped from GHS15.20 to GHS10.70 per litre. It recently dipped below the GHS10 mark for the first time in many years. Diesel fell from GHS15.40 to GHS11.30. This brought relief to our nation’s 3.7 million car owners and tens of millions who depend on transportation daily,” he said.
“These are not statistics. They translate into the reality of parents being able to put meals on the table for their children, and into the reality of businesses thriving and creating opportunities for Ghana’s youth,” President stated.
Looking ahead, Mahama said the government would pursue the Ghana Accelerated National Reserve Accumulation Policy, aiming to increase reserves to 15 months of import cover by 2028.
He pointed to the 24-hour economy initiative, which had been legally established by having an Authority to see its implementation, with GHS110 million funding provided in the 2026 budget, as a driver of productivity, exports, and job creation.
Regarding infrastructure, the President said work had started on 50 road projects spanning 1,144 km under the Big Push initiative, with a total estimated cost of GHS50 billion, in addition to commitment to complete 23 projects awarded by the previous administration, covering 573 km and estimated to cost GHS15bn.
President Mahama called for a united front in the days ahead, referencing the country’s ability to turn a negative social media trend on smock (fugu) into a handshake of friendship with Zambia, showing citizens aligned around a common identity.
“Our pursuit of national development today demands the same unity. We must reject misrepresentation and distortion that detract from our collective progress,” President Mahama encouraged Ghanaians.
“The dawn is breaking for Ghana… For Ghana today, that dawn is not a promise we recite. It is a reality we must build into our institutions, in our economy, and in the ethic of responsibility we pass on to the next generation.”
GNA
Edited by Agnes Boye-Doe
