President John Dramani Mahama has attributed Ghana’s recent economic recovery to divine grace, describing the pace of improvement as faster than he anticipated when he returned to office.
Speaking at the First Sky Group end of year Thanksgiving Service, the President reflected on the difficult conditions his administration inherited and expressed gratitude for what he called a surprising and encouraging turnaround within a short period.
Addressing congregants and invited guests, President Mahama said he had expected it would take at least two years before meaningful signs of recovery became visible. He noted that the severity of the crisis at the time required painful decisions and sustained discipline, making the speed of progress particularly striking.
According to him, even officials of international financial institutions who are closely monitoring Ghana’s programme have expressed amazement at how quickly conditions have improved.
“I have been at this job before, and when we came into office, the crisis that faced us was very difficult. In my own imagination, I thought we would need about two years to begin to see a turnaround. But this is how far God has brought us. We are all surprised and shocked at the quick turnaround.”
World Bank-IMF’s Surprise
President Mahama said interactions with officials from the International Monetary Fund and the World Bank have reinforced the sense that Ghana’s recovery has exceeded expectations.
He disclosed that representatives of both institutions often cite Ghana as an example when engaging other African countries facing economic distress. In his words, Ghana has now become a reference point for what is possible with discipline, focus, and the right policy mix.
“Anytime I meet the IMF officials and the World Bank officials, they themselves cannot believe what has happened in Ghana. So Ghana has now become the poster boy of the IMF and the World Bank. When they go to other African countries, they say, do you not see Ghana? Look at what Ghana has done.”
The President was quick to stress that while policy choices and hard work mattered, the outcome could not be explained by human effort alone. He repeatedly returned to the theme of gratitude, telling the congregation that the progress recorded was ultimately the result of God’s grace. He said the scale and speed of improvement in key indicators were beyond what many experts had predicted.
Sharp Inflation Drop
One of the most striking achievements highlighted by President Mahama was the sharp reduction in inflation. He recalled that inflation had been as high as 23.8 percent when his administration took office, creating severe pressure on households and businesses.
Within a year, inflation had fallen to 5.4 percent, a development he described as remarkable given global economic uncertainties. “To bring inflation from 23.8 percent to 5.4 percent in one year, how did we manage that?” he asked. “It is only the grace of God.”
President Mahama also drew attention to the performance of the Ghanaian cedi, which for years had struggled against major trading currencies. He said the currency’s appreciation marked a turning point that many Ghanaians had long hoped for but rarely experienced.
According to him, the cedi appreciated by 37 percent within a year, reversing a pattern of persistent depreciation. “For the first time, to see our long suffering Ghanaian currency appreciated by 37 percent in one year, it is only God,” he said, prompting applause from the audience.
He acknowledged the relief this had brought to businesses and ordinary citizens who depend on currency stability for planning and investment. The President further pointed to Ghana’s fiscal performance under the IMF supported programme.
Historic 2% Primary Balance
He explained that the IMF had set a primary balance target of 1.5 percent, but Ghana exceeded that benchmark by recording a primary balance of 2 percent in 2025. He described this as evidence of improved fiscal discipline and commitment to responsible economic management.
President Mahama said. “God has been good to us, and we are grateful to Him.” Throughout his remarks, President Mahama blended economic analysis with expressions of faith, noting that the Thanksgiving Service provided an opportunity to acknowledge both the sacrifices made by Ghanaians and the role of divine guidance.
He said the administration remained conscious of the hardships citizens endured during the crisis and pledged to sustain policies that protect the gains achieved so far.
He also urged Ghanaians to remain hopeful and united as the country consolidates its recovery. According to him, maintaining stability would require continued discipline, patience, and cooperation across society.
He emphasised that the goal of his administration was not only to stabilise the economy but also to ensure that growth translates into improved living standards. The event, hosted by the First Sky Group, brought together business leaders, public officials, and members of the clergy.
It served as both a moment of reflection on Ghana’s recent journey and a reaffirmation of confidence in the path ahead. President Mahama concluded by encouraging Ghanaians to give thanks for the progress made while remaining focused on the work still to be done.