African business magnate Aliko Dangote has praised President John Dramani Mahama for what he described as a rapid turnaround of Ghana’s economy, attributing the improvement to the restoration of confidence in the country.

Mr Dangote said the developments under President Mahama demonstrated the relationship between trust and investment, arguing that investors are more willing to commit resources when confidence is restored in an economy.

“This has actually shown that money follows trust,” he said.

The businessman was speaking at the “Accra Reset: Full Circle – Making Global Development Work Again” event in New York, held on the sidelines of the 81st United Nations General Assembly.

He said Ghana’s economic situation had previously been difficult, but credited President Mahama with taking what he described as the right steps rather than relying on extraordinary measures.

“President Mahama turned around the economy of Ghana in a very short time. It wasn’t a very good case, but when he came in, he didn’t do any magic, but he did the right things,” Mr Dangote said.

His comments come as the Mahama administration highlights economic stabilisation and improved investor confidence as key elements of its Resetting Ghana Agenda.

The President has previously pointed to falling inflation, currency appreciation, improved fiscal performance and stronger reserves as indicators of the economy’s recovery.