Ghana’s total debt reduced intrinsically by 150 billion cedis- President Mahama reveals
President of the Republic of Ghana, H.E John Dramani Mahama has disclosed that the country’s total debt has declined by approximately 150 billion cedis.
He attributed the significant decline in debt to the recent cedi appreciation.
He said if this trend persists, his administration could achieve its debt sustainability target of 55 to 58 per cent by the end of this year, beating the initial 2028 deadline.
“Fortunately, some measures we put in place have began to show results and the cedi has been strengthened and so we have reduced our total debt over the last five months by almost 150 billion cedis which is very significant.
“And so if that trajectory continues, the target of reaching 55 to 58 percent debt sustainability by 2028 will be reached at the end of this year and that means that it gives us fiscal space to begin to invest in the most productive sectors of the economy” he noted.
Speaking at the 2025 Annual Meeting of the Africa Development Bank held in Abidjan, Cote D’Ivoire earlier today, he stated that Ghana’s debt multiplies as a result the persistent depreciation of the currency.
“Our debt continue to multiply because the cedi continues to grow weaker and so we needed more cedis because our public debt is stated in cedis, the weaker the cedi becomes against the foreign currencies, the higher it pushes up your debt” Mr. Mahama added.
He thus said his government is focused on boosting domestic revenue, cutting wasteful government expenditure, fighting corruption and introducing better accountability in governance.
