Mahama boasts about economic recovery as Cedi strengthens and market prices drop

President John Dramani Mahama says Ghana’s economy is improving. He pointed to signs like a stronger cedi and lower prices for goods.

Speaking at a gathering in Wa, Upper West Region, he highlighted his government’s fiscal discipline. This comes after a tough budget was passed in Parliament.

“Since taking over, we focused on stabilising the economy,” he said. “In March, we presented a budget to cut spending and invest in priority programs.”

The President believes these measures are starting to pay off. He noted improvements in the local currency and gradual price reductions.

Mahama's comments follow reports of the cedi appreciating against major currencies. The Bank of Ghana reported a 3.4% gain against the US dollar recently.

The central bank credits this rebound to better investor confidence and increased forex inflows from cocoa syndication. Tighter fiscal policies have also helped reduce demand pressure.

Traders report slight drops in imported goods' costs, linking this to the stable exchange rate. However, analysts caution that maintaining discipline is crucial for sustaining these gains.

While some Ghanaians feel cautiously optimistic, others question if these changes affect households. Inflation remains high, and unemployment is still a concern, indicating that economic recovery is ongoing.