GHANA 'BACK ON TRACK' AFTER WORST ECONOMIC CRISIS IN DECADES-PRESIDENT. (PHOTO).

 Ghana 'back on track' after worst economic crisis in decades: president

Ghana's President John Dramani Mahama on Friday said the country was rebounding from its worst economic crisis in decades, pointing to slowing inflation, a firmer currency, and falling debt as signs of stability.

The West African nation sought an IMF bailout in December 2022 after surging debt, currency depreciation and soaring prices pushed it into default, forcing painful fiscal reforms and debt restructuring talks with creditors.

To sustain the recovery, Mahama - re-elected in December 2024 - announced fresh spending to promote round-the-clock manufacturing and exports, tighter public procurement rules and new investment in the energy sector, including billions of dollars pledged for offshore oil and gas fields.

Delivering his State of the Nation address to the parliament in Accra, Mahama declared that "Ghana is back" and "open for business", pitching the gold- and cocoa-producing country as a safer destination for investors after years of turbulence.

‘Laid the foundation’

"Our focus now is stability, jobs and growth," he said. "We have laid the foundation - and we will protect it."

Mahama said growth had recovered to an average of 6.1 percent in 2025, while inflation slowed sharply to 3.8 percent in January from a peak above 50 percent in 2022.

He added that the cedi currency had strengthened by about 40 percent against the dollar in recent months, easing pressure on import costs and fuel prices.

Public finances have also improved, with the government posting a primary budget surplus and cutting the debt-to-GDP ratio to 45.3 percent from nearly 62 percent a year earlier, Mahama said.

Higher gold exports

Foreign reserves rose to $13.8 billion - equivalent to nearly six months of import cover - while the country recorded an 8.1 percent current account surplus, helped by higher gold exports and remittances.

The president said Ghana had repaid $1.4 billion in debt service and settled part of its eurobond obligations ahead of schedule, moves, he said, that were aimed at restoring credibility with international markets.