Cedi gains slash Ghana’s debt by nearly GH₵150 billion – Mahama

President John Dramani Mahama announced that the Ghanaian Cedi's recent gains have reduced the country's debt by nearly GH₵150 billion.

He spoke at a high-level session during the 60th Annual Meeting of the African Development Bank (AfDB) in Abidjan. President Mahama noted that Ghana is on track to meet its debt sustainability targets sooner than expected. This progress depends on the continued appreciation of the cedi.

“If this trend continues, we could reach 55 to 58 percent debt sustainability by year-end,” he said. Achieving this would provide fiscal space for investments in productive sectors.

The President credited key fiscal and monetary measures from his administration over the past five months. He described these as bold steps to restore investor confidence and stabilize the economy.

The Cedi had previously depreciated sharply but has recently strengthened against major currencies, especially the US dollar. This improvement is due to better foreign exchange inflows, macroeconomic discipline, and increased exports.

The AfDB Annual Meetings gather African leaders, policymakers, and financial institutions. They discuss strategies for sustainable development and economic transformation across Africa.