President John Dramani Mahama has affirmed that Ghana’s economic recovery is firmly underway, telling Parliament that his government did not seek to “arrest the dollar” but instead strengthened the national currency to compete effectively on the international stage.

Delivering the 2026 State of the Nation Address (SONA), President Mahama placed the performance of the Ghanaian cedi at the centre of his administration’s first-year achievements, framing its appreciation as a reflection of restored economic discipline and confidence.

The comment, which elicited laughter from some MPs, was seen as a subtle jibe at the former Vice President and NPP's 2024 election flagbearer, who once said his government had arrested the dollar only for his administration to leave the currency in a weaker state before exiting office.

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

Cedi Appreciation

The President reported that the cedi had appreciated significantly:

40.7% against the United States dollar

30.9% against the British pound sterling

24% against the Euro

These gains mark a dramatic reversal from previous steep depreciation episodes, which had in recent years driven inflation, eroded purchasing power, and unsettled import-dependent businesses.

Broad-Based Economic Recovery

President Mahama emphasised that the currency’s performance is part of a wider economic transformation.

“Ghana’s economic turnaround is broad-based and comprehensive. All sectors of the Ghanaian economy have witnessed remarkable improvement in our first year in office,” he said.

He attributed the progress to tighter fiscal management, productivity-enhancing reforms, and measures to restore credibility in economic governance.

Historic Milestones

Highlighting a landmark achievement, the President announced that Ghana’s economy had surpassed the $100 billion mark for the first time in its history.

“And most importantly, Ghana’s economy has surpassed the 100 billion mark,” he stated.

Projecting future growth, President Mahama suggested that, on current trends, Ghana could soon rank among Africa’s top ten largest economies, signalling renewed confidence in the country’s economic trajectory.

This first-year performance underscores the government’s focus on stabilising the cedi, strengthening fiscal discipline, and positioning Ghana for sustained growth.