Cedi’s gains backed by $10.6bn reserves – President Mahama

President John Dramani Mahama has credited the recent strengthening of the Ghanaian Cedi to increased foreign exchange inflows and strategic policy interventions aimed at stabilising the economy.

He pointed to a notable rise in Ghana’s gross international reserves—from $8.9 billion in December 2024 to $10.6 billion by April 2025—as a key factor behind the currency’s recovery. This, he said, reflects improved investor confidence and stronger external financial support.

Speaking at the Ghana–EU Business Forum in Accra on Tuesday, May 20, President Mahama reaffirmed his government’s commitment to achieving its economic growth targets for the year. The event, themed “Deepening Ghana-EU Cooperation on Trade and Investment in Non-Traditional Value Chains under the EU Global Gateway Strategy,” brought together major stakeholders from both Ghana and the European Union.

“Fiscal consolidation is underway, we have reduced the fiscal deficit on commitment basis, from 7.5% of GDP in 2024 to 6.4% in the first half of 2025, and we are on track to meet our 2025 end year of 3.1% through expenditure rationalisation, improve domestic revenue mobilization and strong anti corruption measures.

“These figures, though early in the year, are clear signs of discipline and inclusive economic recovery. Our trade with the European Union remains robust and neutrally beneficial,” he stated.

Looking ahead, President Mahama sought to reassure investors of a stable and predictable business climate in Ghana.

“I assure all potential investors that under this administration, Ghana is committed to transparent Governance, policy predictability and a reformed business environment. We are restoring confidence in our public procurement systems, enforcing contract sanctity and protecting investor rights under both domestic and international legal regimes,” he added.