Cedi gains slash Ghana's debt by nearly GH₵150 Billion - Mahama

President John Dramani Mahama announced that the Ghanaian Cedi has improved. This improvement has helped reduce the country's total 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 could meet its medium-term debt goals sooner than expected. If the cedi continues to appreciate, these targets may be reached by the end of this year.

The President stated that achieving 55 to 58 percent debt sustainability by 2028 is now possible. This progress will allow for investments in productive sectors of the economy.

He credited recent fiscal and monetary measures taken by his administration. These bold steps aim to restore investor confidence and stabilize the economy.

The Cedi had previously faced sharp depreciation but has recently strengthened against major currencies, especially the US dollar. This recovery 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.