President John Dramani Mahama has said his government did not arrest the dollar, but rather strengthened the cedi to put up a good fight against other currencies.
According to John Mahama, his government’s objective was not to artificially control foreign currencies but to strengthen the cedi to compete effectively on the international market.
He detailed that the Ghana cedi recorded significant gains against major international currencies, appreciating by 40.7 per cent against the US dollar, 30.9 per cent against the British pound, and 24 per cent against the euro.
Delivering the 2026 State of the Nation Address in Parliament on Friday, February 27, President Mahama stated, “We made currency stability a priority, and we have delivered. We did not arrest the dollar; we strengthened the cedi to put up a good fight against other currencies”.
Additionally, President John Dramani Mahama detailed that his administration has significantly reduced government borrowing.
He highlighted that his government’s strategy is rooted in prudent economic management to stabilise the economy and rebuild confidence.
“We have borrowed less and spent more responsibly,” President Mahama stated.
Mahama further declared that Ghana is once again back and is working again.
According to President Mahama, Ghana’s economy is stabilising and returning to growth.
Mahama stressed that the path for Ghana’s recovery had been challenging, but the economic measures taken by his government are yielding results.
President Mahama added, “I was clear from the outset that recovery would not come easily, but I was also clear that I would stop at nothing to turn this situation around and bring relief to Ghanaians”.
“I promised then that just as I have confronted and overcome crises in the past, I would reset our economy and return us to a path of growth, progress and development,” he stated.
“Mr Speaker, I told this August House when I appeared before you last year that we would have to take tough, prudent and necessary decisions to restore stability and credibility. Today, I can say with confidence: Ghana is back. Ghana is working again. And Ghana is open for business.”
“The fundamentals are improving, and the path to sustained acceleration is very clear to everyone,” he said, adding that the government deliberately prioritised discipline and reform over waste and speculation.
President Mahama added, “From the outset, we resolved to choose discipline over waste, reform over excuses, and stability over speculation. As a responsible government, our first order of business was to halt the economic haemorrhage and restore order to our public finances.
“These measures have begun to deliver some of the most remarkable economic outcomes in decades,” he told the House.
“We approach this celebration not only with pride in our past but also with renewed hope for our future. We are building prosperity through sound policy, responsible governance, and inclusive growth,” he said
“Our Resetting Ghana agenda is working. Our nation is on the runway; it is in takeoff mode. And you are all advised to fasten your seat belts,” Mahama added.
Watch the video below:
“We did not arrest the dollar, we strengthened the cedi to put up a good fight against the other currencies.” – President John Mahama pic.twitter.com/hh8veip1zT
— EDHUB🌍ℹ (@eddie_wrt) February 27, 2026