Delivering his address at the opening of the Ghana–EU Business Forum in Accra on Tuesday, May 20, the President highlighted improvements in Ghana’s economic indicators and reaffirmed his administration’s commitment to restoring macroeconomic stability.

According to him, inflation, which peaked at 23.8% at the end of 2024, has begun to decline, reaching 21.2% in April 2025, attributing the development to a moderation in both food and non-food inflation, alongside prudent fiscal management by the government.

“Inflation, which peaked at 23.8% at the end of 2024, has begun to ease, falling from 21.2% in April 2025 largely due to the moderation of both food, non-food inflation and prudent fiscal management. We are projecting to achieve a single-digit inflation target by the middle of 2026.

“This will be underpinned by tighter monetary policy and complemented by fiscal consolidation and exchange rate stability,” Mahama stated.

The President also noted that the Ghanaian cedi has shown signs of recovery. After depreciating by 19.2% in 2024, the cedi appreciated by 3.9% against the US dollar by the end of 2025, driven by stronger foreign exchange inflows, improved trade balances, and renewed investor confidence.

In addition, President Mahama pointed to a significant boost in Ghana’s gross international reserves. The reserves increased from $8.98 billion in December 2024 to $10.6 billion in April 2025, equivalent to nearly five months of import cover.

“Our gross international reserves have improved further from 8.98BN dollars in December 2024 to 10.6BN dollars in April 2025. This is almost equivalent to five months of import cover. This reflects enhanced export earnings, particularly from gold and non-traditional exports, as well as timely disbursements for our multilateral partners. These figures, though early in the year, are clear signs of a disciplined and inclusive economy,” he added.