We did not arrest the dollar, the cedi was strengthened- Prez Mahama elucidates
President of the Republic of Ghana, His Excellency John Dramani Mahama has disclosed that the recent appreciation of the Ghanaian cedi is as a result of strong economic measures.
He dismissed allegations by some critics asserting that his administration had “arrested” the US dollar.
Delivering the State of the Nations address (SONA) in Parliament on Friday, February 29, he explained that improvement of the cedi’s performance is due to controlled inflation.
“Inflation fell from 23.5 percent at the end of 2024 to 3.8 percent over thirteen consecutive months, by January 2026. Mr Speaker, very interesting, food inflation which has been the main driver of the upward pressure of inflation fell by 26.6 percentage points.
We did not arrest the dollar. We strengthened the cedi to put up a good fight against the other currencies. And I am pleased to inform this house that the cedi appreciated by 40. 7 percent against the US dollar, and by 30.9 percent against the British pound, and by 24 percent against the Europe” he stressed.
He further mentioned that Ghana is on the verge of economic recovery, with all sectors witnessing a remarkable improvement.
