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

President Mahama announces that Ghana’s debt has dropped by nearly GH₵150 billion in just five months due to cedi gains and effective fiscal measures under his administration.

By

Evans Effah

Published: May 27, 2025

2 Min Read

President John 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.