News:
February 27, 2026
President John Dramani Mahama has declared a major victory in Ghana’s economic recovery, announcing that the local cedi has staged a powerful comeback after years of persistent depreciation.
Delivering his State of the Nation Address, the President revealed that the cedi has recorded significant gains against all major foreign currencies. According to the latest figures, the local currency has appreciated by a substantial 40.7% against the US dollar, 13.9% against the British pound, and 24% against the euro.
In a memorable soundbite, President Mahama emphasized that this stability was achieved through sound policy, not force. He stressed that the government did not resort to artificial controls or “arrest the dollar,” but rather focused on disciplined fiscal consolidation and robust currency stabilization measures to strengthen the cedi sustainably.
Inflation Slashed, Fuel Prices Drop
The president attributed the currency’s resurgence to a dramatic cooling of the economy. He reported that inflation, which had peaked at a scorching 54.1% at the end of 2022, has now plummeted to just 3.8% as of January 2026. This marks 13 consecutive months of decline.
This stability is already having a tangible impact on the pockets of Ghanaians. Food inflation has dropped significantly, reducing the cost of locally produced goods and easing the financial pressure on households. Furthermore, the stronger cedi has directly contributed to lower fuel prices, with petrol now selling for below GH¢10 per litre—a welcome relief for millions of motorists and commuters.
Reserves Hit Record High
President Mahama also highlighted the strengthening of Ghana’s financial buffers. The country’s foreign reserves have surged to $13.8 billion, enough to cover 5.7 months of imports. This robust position has led to international recognition, with credit rating agencies upgrading Ghana’s outlook following improved debt management.
“Credibility is restored,” President Mahama declared, framing the currency’s rebound as definitive proof that Ghana’s economic recovery is not just real, but firmly on track.
Dominic Shirimori/Ghanamps.com