President John Dramani Mahama has subtly jabbed his political opponents saying his administration did not arrest the US dollar, but rather, it has strengthened the national currency.
Addressing Parliament during the second State of the Nation Address (SoNA), the president touted the economic gains made so far, highlighting the strong appreciation of the cedi and broad-based growth across key sectors of the economy.
President Mahama clarified that his government did not “arrest the dollar” as the New Patriotic Party (NPP) claimed in previous government but instead implemented policies that strengthened the local currency.
The vice president then and current flagbearer of the NPP for 2028 general election, Dr Mahamudu Bawumia, in the past lauded itself saying the Akufo-Addo government had worked to stabilize the Cedi by arresting the dollar and given the keys to the Inspector General of Police (IGP).
But speaking many years on, President Mahama said they took a different direction and they have been able to rather strengthening the Cedi and not arresting it.
“Mr Speaker, we did not arrest the dollar. We strengthened the cedi to put up a good fight against other currencies,” he said drawing laughter from especially the majority side.
According to the President, the Ghanaian cedi recorded substantial gains, appreciating by 40.7 percent against the US dollar, 30.9 percent against the British pound, and 24 percent against the euro. He described the development as evidence of the effectiveness of the government’s economic recovery strategy.
He noted that the country’s economic turnaround is not limited to one sector but reflects improvements across multiple areas of the economy during his administration’s first year in office.
He further disclosed that Ghana’s economic output has crossed a major milestone, with the country’s Gross Domestic Product (GDP) surpassing GH¢100 billion for the first time.
He further argued that the continued growth trajectory is expected to position Ghana among the top ten largest economies on the African continent.
The progress achieved so far, he said demonstrates the success of ongoing reforms and prudent economic management, expressing confidence that Ghana’s recovery will continue to accelerate in the coming years.
He reaffirmed his government’s commitment to sustaining the gains made and ensuring long-term economic stability and prosperity for the country.
President Mahama emphasised that the currency’s performance is part of a wider economic transformation.
“Ghana’s economic turnaround is broad-based and comprehensive. All sectors of the Ghanaian economy have witnessed remarkable improvement in our first year in office,” he said.
He attributed the progress to tighter fiscal management, productivity-enhancing reforms, and measures to restore credibility in economic governance.
Highlighting a landmark achievement, the President announced that Ghana’s economy had surpassed the $100 billion mark for the first time in its history.
“And most importantly, Ghana’s economy has surpassed the 100 billion mark,” he stated.
Projecting future growth, President Mahama suggested that, on current trends, Ghana could soon rank among Africa’s top ten largest economies, signalling renewed confidence in the country’s economic trajectory.
This first-year performance underscores the government’s focus on stabilising the cedi, strengthening fiscal discipline, and positioning Ghana for sustained growth.
By Gifty Boateng