Mahama Surprised by the Speed of Economic Turnaround: "I Thought it Would Take about 2 Years"
- President Mahama credits the rapid economic recovery to divine intervention, surprised by its speed
- Inflation has dramatically decreased from 23.8% to 5.4% in just a year
- Ghana is now seen as a model for economic success by the IMF and World Bank
President John Mahama has expressed surprise at the speed with which his government was able to turn around the economy, describing the rapid recovery as only by the grace of God.
He said he expected it to take about two years to see an economic turnaround.
Source: Facebook
"Look at what God has done for our economy. Inflation has fallen from 23.8% to 5.4% in just one year, the currency has appreciated by 37%, and our primary balance in 2025 is 2% higher than what the IMF projected. This turnaround is nothing short of His grace."
He was speaking at the First Sky Group Thanksgiving Service in Accra on January 25.
“Ghana has now become the poster boy of the IMF and the World Bank. When they go to other African countries, they say, ‘Don’t you see Ghana? Look at what Ghana has done."
He said it could only take the grace of God to bring inflation down and see the country achieve a higher fiscal balance than the IMF projected.
“As a nation, we must be grateful to Him, because if we express gratitude, He will bless us more."
Ghana is coming off a 2025 with strong macroeconomic indicators.
After inheriting an economy weighed down by inflation above 23%, interest rates north of 30%, and a sharply depreciating cedi, the Mahama administration entered 2026 with strong goodwill.
The inflation rate reduced for the 12th consecutive month, according to a post on Facebook by the Ghana Statistical Service, falling to 5.4% year on year in December 2025 from 6.3% in November.
Source: Getty Images
Treasury bill rates plunged from over 30% at end-2024 to about 11% in 2025.
For the first time in decades, the cedi recorded an annual appreciation against all major currencies, including 40.7% against the US dollar.
Trade balance posted a surplus of US$8.5 billion by the end of October 2025, up from US$2.8 billion a year earlier.
Cedi predicted to weaken against US dollar in 2026
YEN.com.gh reported that the Ghana cedi is expected to weaken against the US dollar in 2026, according to UK-based firm Fitch Solutions.
Fitch Solutions said Global gold prices and reserves are expected to limit pressure on Ghana's exchange rate.
The UK firm noted that private consumption growth is forecasted at 6.5%, boosting GDP amidst rising public sector wages.
Source: YEN.com.gh
