Cedi Picks Up a Good Fight Against Major Currencies — Prez. Mahama

By Maame Efua Kwaduah
John Dramani Mahama has stated the Ghanaian cedi has “picked up a good fight” against major international currencies, highlighting the currency’s resilience as a powerful symbol of Ghana’s broader economic recovery.
Delivering his second State of the Nation Address since returning to office before Parliament on Friday, President Mahama addressed a charged House, stating that his administration entered office with a clear and structured repayment plan and has remained firmly committed to it.
“I had a schedule,” he emphasized repeatedly, underscoring what he described as disciplined and strategic economic management.
He announced that Ghana has successfully settled a $709 million Eurobond as part of efforts to restore credibility in the international financial market. Beyond that, he revealed that government is on course to complete $1.4 billion in debt service obligations due in 2025.
The President stressed that meeting these obligations is not accidental, but the direct result of careful planning and strict adherence to fiscal discipline.
“Because we can and the world has noticed,” he stated confidently.
According to him, renewed global confidence in Ghana’s economy is reflected in improved credit ratings. He disclosed that three leading international rating agencies Fitch Ratings, Moody’s and Standard and Poor’s (S&P) have all upgraded Ghana’s credit ratings.
He described the development as the first triple credit rating upgrade in many years, a milestone that drew loud cheers from Members of Parliament.
Ghana is rising,” President Mahama declared.
The President noted that one of the heaviest burdens his administration inherited was an extremely high inflation rate that was “silently eroding” the purchasing power of Ghanaian households.
Inflation, he said, peaked at 54.1% at the end of 2022, placing immense pressure on families and businesses alike and demanding urgent, decisive action.
“Mr. Speaker we treated this with urgency,” he stated.
Through fiscal consolidation, currency stabilization and disciplined monetary policy, inflation has been reduced significantly. By the end of 2024, he reported, inflation had declined to 23.5%. and 3.8% by January 2026.
President Mahama explained that these measures were not isolated interventions, but part of a coordinated economic strategy aimed at restoring macroeconomic stability, strengthening the cedi and rebuilding investor confidence.
He argued that the cedi’s improved performance against major currencies reflects the effectiveness of these policies, noting that stability in the foreign exchange market is gradually returning.
The President maintained that honoring debt repayment schedules, securing international credit rating upgrades, reducing inflation and stabilizing the currency all signal that Ghana’s economy is regaining its footing.
He assured Ghanaians that the progress achieved so far is not temporary, but part of a structured recovery plan designed to ensure long-term economic resilience.
“The discipline is deliberate. The strategy is working. And Ghana is rising, he stressed.
With sustained fiscal prudence, strengthened monetary coordination and restored global confidence, President Mahama noted that the nation is steadily rebuilding its economic foundation and positioning itself for stable growth in the years ahead.