President of the Republic of Ghana, has announced a dramatic turnaround in the performance of the Ghanaian cedi, declaring that the local currency has regained strength after years of volatility.
In his State of the Nation Address, the President said the cedi appreciated by 40.7 percent against the US dollar, 13.9 percent against the British pound and 24 percent against the euro.
He stressed that government did not “arrest the dollar,” but instead pursued disciplined fiscal consolidation and currency stabilization policies to strengthen the cedi sustainably.
According to him, inflation — which peaked at 54.1 percent at the end of 2022 — has fallen sharply to 3.8 percent after 13 consecutive months of decline as of January 2026. Food inflation and prices of locally produced goods have also dropped significantly, easing pressure on households.
The stronger cedi has contributed to lower fuel prices, with petrol falling below GH¢10 per litre, bringing relief to millions of motorists and commuters.
President Mahama said Ghana’s foreign reserves have also risen to $13.8 billion, covering 5.7 months of imports, while credit rating agencies have upgraded the country following improved debt management.
He described the currency’s rebound as evidence that “credibility is restored” and that Ghana’s economic recovery is firmly on track.