Ghana on track to achieve single-digit inflation by Mid-2026 – Mahama

President John Dramani Mahama is optimistic about Ghana’s economic recovery. He announced that the country aims for a single-digit inflation rate by mid-2026. This goal is crucial for building investor confidence.

Mahama spoke at the Ghana–EU Business Forum in Accra on May 20. He highlighted improvements in Ghana’s economic indicators. He also reaffirmed his administration's commitment to restoring macroeconomic stability.

Inflation peaked at 23.8% at the end of 2024 but has started to decline. It reached 21.2% in April 2025, thanks to lower food and non-food prices. The government’s prudent fiscal management contributed to this positive trend.

"We project a single-digit inflation target by mid-2026," Mahama stated. He emphasized that tighter monetary policy will support this goal, along with fiscal consolidation and exchange rate stability.

The President noted signs of recovery for the Ghanaian cedi as well. After a 19.2% depreciation in 2024, it appreciated by 3.9% against the US dollar by the end of 2025. This improvement was driven by stronger foreign exchange inflows and renewed investor confidence.

Additionally, Mahama reported a significant boost in Ghana’s gross international reserves. Reserves increased from $8.98 billion in December 2024 to $10.6 billion in April 2025. This amount covers nearly five months of imports.

"Our gross international reserves reflect enhanced export earnings," he said, particularly from gold and non-traditional exports. Timely disbursements from multilateral partners also helped improve these figures early in the year.

These developments indicate a disciplined and inclusive economy, according to Mahama.