President John Dramani Mahama has sharply criticised the previous administration led by former President Nana Akufo-Addo, describing 19 December 2022 as “one of the darkest days in Ghana’s economic history” following the nation’s debt default and the announcement of a moratorium on both domestic and external debt repayments.

Addressing Parliament during his 2026 State of the Nation Address, President Mahama defended his government’s economic record, insisting that his administration did not attempt to artificially control the US dollar but instead strengthened the cedi to compete effectively against other major currencies.

“We did not arrest the dollar; we strengthened the cedi to put up a good fight against the other currencies,” he said.

The President stressed that sound economic management extends beyond policy pronouncements and macroeconomic targets. He explained that his government’s priority is to ensure that recovery efforts translate into tangible improvements in living standards, job creation and expanded opportunities for Ghanaian youth.

He highlighted ongoing initiatives aimed at stabilising the economy, strengthening key sectors such as energy, agriculture and manufacturing, and expanding social intervention programmes to protect vulnerable groups.

According to him, the administration’s approach combines fiscal discipline, accountability and targeted investment to restore investor confidence and accelerate national development.

President Mahama concluded by stating that his government would be judged not merely on plans and projections, but on measurable results that positively impact the daily lives of Ghanaians, underscoring a commitment to practical outcomes and sustained progress.