Cedi’s Recovery Driven by $10.6 Billion Reserves – President Mahama
President Mahama links Cedi rebound to rising reserves, investor confidence, and fiscal reforms
- President John Dramani Mahama has credited the recent appreciation of the Ghanaian Cedi
- He emphasized that this growth in reserves reflects strengthened investor confidence
- President Mahama further outlined progress in fiscal consolidation
President John Dramani Mahama has credited the recent appreciation of the Ghanaian Cedi to increased foreign exchange inflows and strategic policy interventions aimed at restoring macroeconomic stability.
Speaking at the opening of the Ghana–EU Business Forum in Accra on Tuesday, May 20, President Mahama revealed that Ghana’s gross international reserves had risen from $8.9 billion in December 2024 to $10.6 billion by April 2025, providing nearly five months of import cover. He emphasized that this growth in reserves reflects strengthened investor confidence and robust external financial support.
“The Cedi, which depreciated by 19.3% in 2024, has begun to rebound — appreciating by 3.9% against the US dollar by the end of the first quarter of 2025,” the President stated. “This improvement is driven by increased forex inflows, a healthier trade balance, and the continued restoration of investor trust.”
The forum, held under the theme “Deepening Ghana-EU Cooperation on Trade and Investment in Non-Traditional Value Chains under the EU Global Gateway Strategy,” brought together stakeholders from both Ghana and the European Union to explore investment opportunities.
President Mahama further outlined progress in fiscal consolidation, noting that Ghana had reduced its fiscal deficit on a commitment basis from 7.5% of GDP in 2024 to 6.4% in the first half of 2025. He expressed confidence in achieving the end-of-year target of 3.1%, attributing the trajectory to ongoing expenditure rationalisation, improved domestic revenue mobilisation, and strengthened anti-corruption measures.
“These early indicators reflect a disciplined and inclusive economic recovery,” he said. “Our trade relations with the EU remain strong and mutually beneficial.”
Reaffirming Ghana’s commitment to attracting and retaining investment, the President assured both local and international investors of a stable and transparent policy environment.
“This administration is committed to transparent governance, predictable policies, and an improved business climate,” he said. “We are rebuilding confidence in public procurement, upholding the sanctity of contracts, and protecting investor rights under both local and international legal frameworks.”
