Mahama vows to restore stability to Ghana’s economy

President John Dramani Mahama has reiterated his government’s commitment to stabilizing Ghana’s economy as a foundation for sustainable development.

Speaking at the Africa Business Forum 2025 on Monday, February 17, in Addis Ababa, Ethiopia, Mahama outlined strategic efforts to address key economic challenges, including the depreciation of the cedi, high inflation, soaring interest rates, and the growing debt burden.

The forum, organized by the United Nations Economic Commission for Africa, focused on the theme: “Moving from Potential to Prosperity: Activating Africa’s Regional Value Chain.”

During the discussions, President Mahama stressed the importance of analyzing the root causes of Ghana’s economic crisis while implementing decisive measures, including a comprehensive debt management plan.

“In a crisis, the first thing that you do is to focus on stabilising, and that is what we are focused on—bringing interest rates and inflation down, stabilising the currency, and dealing with debt overhang. That is where our focus is for now,” he said.

He further emphasized the need to understand the factors that led to the crisis and to take steps to ensure it does not recur.

“At the same time, we must analyse the factors that brought Ghana to this point and implement steps to ensure we do not end up in this situation again. That will entail strengthening the Fiscal Responsibility Act and the Public Financial Management Act.

“We need to cut out waste and reduce corruption. These are some of the critical issues that must be addressed,” he assured.