President Mahama credits fiscal discipline for $5.6bn reserve growth

President John Dramani Mahama has attributed Ghana’s $5.6 billion increase in foreign reserves to what he describes as disciplined fiscal management and prudent economic policies implemented by his administration.

Speaking at the Sod-Cutting ceremony for the construction of 24-Hour  Model Market, Kukuo (Tamale), President Mahama revealed that Ghana’s reserves have risen from $8.3 billion when his government assumed office to $13.9 billion, a development he said reflects strong economic stewardship.

“I wish to assure you, our economy is resilient. When we came, we met $8.3 billion worth of reserves. We have built our reserves to $13.9 billion worth of reserves,” he stated.

According to President Mahama, the growth in reserves has significantly strengthened Ghana’s ability to absorb external shocks and maintain economic stability, even as global markets face uncertainties.

He pointed to recent geopolitical tensions, including the Iran–Israel conflict, noting that despite initial concerns, Ghana’s economy has remained stable.

“And so when the Iran–Israel conflict started, people had fears that it would affect the economy. I can assure you, the economy is resilient, and we’ve not been affected by it,” he said.

The President also highlighted government measures in the petroleum sector aimed at easing the burden on consumers. He disclosed that fuel prices had been contained through targeted interventions.

“We’ve even managed to reduce petroleum prices. By now, the cost of diesel should have been GH¢19 per litre, but we’ve managed to absorb it and bring it down to GH¢16.10 per litre,” he explained.

Touching on Ghana’s programme with the International Monetary Fund (IMF), President Mahama indicated that the country is approaching the end of the arrangement, expected to conclude next month. He stressed, however, that fiscal discipline would be maintained beyond the programme.

“It will end in May next month, but we still want to keep the fiscal discipline. It’s not because of the IMF—we must maintain discipline so that we can save resources to invest in the things that are important to our people,” he said.

President Mahama expressed optimism that ongoing global peace efforts would ease economic pressures and support continued growth.

“I’m encouraged that peace talks are taking place, and our hope is that they will resolve the differences, so we can continue to build our economy,” he added.

He reaffirmed his administration’s commitment to sustaining economic stability, strengthening reserves, and investing in priority sectors to improve the livelihoods of Ghanaians.