President John Dramani Mahama has revealed that recent gains by the Ghanaian Cedi have played a pivotal role in reducing the country’s total debt burden by nearly GH₵150 billion.
Speaking during a high-level presidential session at the 60th Annual Meeting of the African Development Bank (AfDB) and the 51st Annual Meeting of the African Development Fund (ADF) in Abidjan, President Mahama said Ghana was on track to achieve its medium-term debt sustainability targets far earlier than expected, should the cedi’s appreciation continue.
“If that trajectory continues, the target of reaching 55 to 58 per cent debt sustainability by 2028 will be reached by the end of this year, and that means that it gives us fiscal space to begin to invest in the most productive sectors of the economy,” he stated.
The President attributed this significant progress to key fiscal and monetary interventions undertaken by his administration over the past five months, describing them as bold, necessary steps to restore investor confidence, stabilise the economy, and secure long-term growth.
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The Cedi, which had seen sharp depreciation in recent years, has rallied strongly in recent weeks against major foreign currencies, particularly the US dollar, bolstered by improved foreign exchange inflows, macroeconomic discipline, and increased exports.
The AfDB Annual Meetings bring together African leaders, policymakers, development partners, and financial institutions to discuss strategies for sustainable development and economic transformation on the continent.
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