Cedi gains cut Ghana’s debt by GH₵150bn – Mahama

President John Dramani Mahama says the recent rise in the value of the cedi has helped reduce Ghana’s debt by almost GH₵150 billion.

Speaking in Abidjan at the AfDB’s 60th Annual Meeting, he said the country is on track to meet its debt target much earlier than expected.

“If this trend continues, we could reach 55–58% debt sustainability by the end of the year, well ahead of the 2028 target,” Mahama stated. “This will free up resources to invest in the most productive parts of the economy.”

Mahama credited the progress to bold fiscal and monetary policies introduced over the last five months. These policies were designed to restore investor confidence, strengthen the cedi, and revive economic growth.

The cedi, which had struggled in recent years, has gained ground against the US dollar and other major currencies. This rebound is due to better foreign exchange inflows, strict economic discipline, and higher export earnings.

The AfDB meetings bring together African leaders and global partners to find solutions for economic development. This year’s session focused on accelerating Africa’s recovery and building resilience.

Mahama’s remarks suggest Ghana may be turning the corner, with stronger currency performance offering a fresh path to stability and growth.