Fiscal reforms put GH¢6bn back in citizens' pockets — Mahama
PRESIDENT John Dramani Mahama has declared that his government’s aggressive fiscal reforms have returned an estimated GH¢6 billion directly to ordinary Ghanaians, as the national economy surged past the $100 billion mark for the first time in the country’s history.
The President painted a picture of broad-based recovery barely 14 months into his second term. “Ghana’s GDP expanded from $83 billion in 2024 to $113 billion in 2025, propelling the country into the ranks of Africa’s top 10 economies, average GDP growth reached 6.1 per cent in the first three quarters of 2025, while the fiscal deficit was trimmed to 3.1 per cent – better than the projected 3.8 per cent,” the President stated.
Delivering the 2026 State of the Nation Address (SONA) in Parliament in Accra last Friday, President Mahama said the gains stem from his administration’s flagship Reset Agenda that entails a comprehensive package of spending controls, revenue restructuring and targeted tax reliefs designed to stabilise public finances and ease the cost of living.
“Our reforms have not only stabilised the economy; they have put tangible money back into the hands of everyday citizens, we estimate that the fiscal adjustments and tax relief measures we have implemented have freed up GH¢6 billion in disposable income for households across Ghana,’ he told lawmakers in the chamber.
Public debt
Public debt was slashed by GH¢82.1 billion, reducing the debt-to-GDP ratio from 61.8 per cent to 45.3 per cent. At the same time, the cedi recorded significant appreciation, gaining 40.7 per cent against the US dollar, 30.9 per cent against the British pound and 24 per cent against the euro.
“We did not just arrest currency instability; we strengthened the cedi to put up a good fight against other currencies,” President Mahama said to applause.
The President said these achievements were primarily a Resetting Ghana Agenda focused on restoring economic stability, rebuilding public trust and delivering tangible improvements in citizens’ lives.
“It also imbibes the continental Accra Reset aimed at positioning Ghana as a leader in African self-reliance, health sovereignty and economic integration,” the President stated.
He told Parliament that the 69th Independence anniversary on March 6, 2026, on the theme: “Building Prosperity, Restoring Hope,” is not merely ceremonial but the guiding blueprint for his administration.
“We inherited an economy in severe crisis, burdened by unsustainable debt, high inflation, a rapidly depreciating currency and an escalating cost of living crisis. These measures have begun to deliver some of the most remarkable economic outcomes in decades; Ghana is back, Ghana is working again, and Ghana is open for business,” he stated.
Fundamentals improving
President Mahama pledged to sustain the reforms, warning hospitals against rejecting patients over the No Bed Syndrome, announcing plans for three new technical universities to tackle youth unemployment, and reiterating a tougher anti-corruption drive.
“The fundamentals are improving, and the path to sustained acceleration is very clear to everyone. Our nation is on the runway in take-off mode, and you are all advised to fasten your seat belts,” he stated.