President John Dramani Mahama has announced that Ghana’s total debt has dropped by GH¢150 billion over the past five months due to prudent fiscal measures that have stabilised the cedi.
The President made the disclosure in his address at the African Development Bank (AfDB) Annual Meetings in Abidjan on Tuesday, May 27, 2028, where he attributed the feat to stringent fiscal measures and currency stabilisation efforts.
He says the cedi’s recent appreciation has significantly contributed to reducing debt valuation pressures.
“Fortunately, I mean, some measures we put in place have recently begun to show results, and the cedi has been strengthening. And so we have reduced our total debt over the last five months by almost GH¢150 billion, which is very significant,” he stated.
According to the President, “our debt restructuring programme is 97 per cent complete, with only commercial creditors representing three per cent of debt remaining.
“The progress follows successful negotiations with bilateral lenders earlier this year, which helped lower our debt-to-GDP,” he added.
President Mahama expressed optimism that maintaining the trajectory could see Ghana reach its 55 – 58 per cent debt-to-GDP target by 2028, or even sooner.
“And once we do that, then it means that the whole debt restructuring has been completed,” he stated.
Commenting on global trade, the President urged leaders across the continent to deepen regional integration through the African Continental Free Trade Area (AfCFTA)
“It’s not enough to just have a protocol on continental free trade. If you don’t have the railways, you don’t have the highways, you don’t have the aviation connections to be able to exchange goods among yourselves; it amounts to nought. And that’s why the investments in railways, in ports, in highways and others are very timely,” he explained.
He shared how Ghana is positioning itself to benefit from the AfCFTA.
“And I think we must take advantage of that. In Ghana, we have expanded our port, and it’s become a hub for receiving some of the biggest ships into our ports because we have a deep draft of almost 16 metres. And so once we receive containers bound for any country from Namibia, Angola, Cameroon, all the way to Dakar, we can redistribute,” he said.
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