Ghana’s debt has been reduced by GH₵150bn in 5 months as Cedi strengthens — Mahama

President John Dramani Mahama has revealed that Ghana’s total debt burden has dropped by nearly GH₵150 billion over the past five months, attributing the reduction to the cedi’s appreciation and strategic fiscal and monetary policies implemented by his administration.

Speaking at the African Development Bank’s Annual Meeting in Abidjan, President Mahama highlighted the success of recent economic interventions aimed at stabilizing the local currency and improving the country’s macroeconomic outlook.

“We reduced our total debt over the last five months by almost GHC150 billion cedis,” Mahama stated, emphasizing the significance of the achievement in Ghana’s path to economic recovery.

He explained that the debt drop was primarily the result of the cedi’s strong performance against the US dollar and other major currencies, which lowered the cedi-equivalent value of external debts.

“If that trajectory continues, the target of reaching 55% to 58% debt sustainability by 2028 will be reached by the end of this year. That means it gives us fiscal space to invest in the most productive sectors of the economy,” he added.

Prez . Mahama at the African Development Bank’s Annual Meeting.

The fiscal and monetary reforms were also credited with restoring investor confidence and easing pressure on public finances.

This development, according to financial analysts, signals a positive trajectory for Ghana’s economy, especially in terms of debt sustainability and macroeconomic stability.

President Mahama reaffirmed his administration’s commitment to continued reform and responsible economic management, assuring stakeholders that Ghana is on a solid path toward financial recovery