Nation on runway: Economy ready for take off — President advises citizenry to fasten seatbelts
Ghana’s economic recovery has transitioned into a phase of “economic sustainability acceleration,” signalling a decisive shift from stabilisation to long-term resilience and inclusive growth, President John Dramani Mahama has said.
He explained that the government had moved beyond crisis containment and was now consolidating gains achieved through fiscal discipline, debt restructuring and macroeconomic reforms.
“Ghana is back. Ghana is working again and Ghana is open for business,” he stated last Friday when he presented his second State of the Nation Address (SONA) to Parliament, stressing that the improving fundamentals were the outcome of deliberate and sometimes difficult policy choices.
“Our Resetting Ghana agenda is working. Our nation is on the runway; it is in takeoff mode. And you are all advised to fasten your seat belts,”
The address underscores the government’s commitment to fiscal discipline, economic reform and restoring confidence in the country’s financial and institutional systems.
Macroeconomic indicators
He indicated that Ghana’s Gross Domestic Product (GDP) was projected to reach $113 billion in 2025, up from $83 billion at the end of 2024, placing the country among the top 10 largest economies in Africa.
He added that average GDP growth for the first three quarters of 2025 stood at 6.1 per cent.
According to him, the country posted a primary surplus of 2.6 per cent of GDP, surpassing the 1.5 per cent target, while the fiscal deficit closed at 3.1 per cent, below the projected 3.8 per cent.
“Growth means nothing without discipline. From the outset, we chose discipline over waste, reform over excuses and stability over speculation,” President Mahama stated.
He said public debt had been reduced by GH¢82.1 billion, bringing the debt-to-GDP ratio down from 61.8 per cent to 45.3 per cent, one of the sharpest reductions in recent history.
Reflecting on Ghana’s debt default on December 19, 2022, the President described it as one of the darkest days in the country’s economic history, but said bold restructuring measures, the establishment of sinking funds and bilateral engagements had restored credibility.
On January 2 this year, he disclosed, the government settled a $709 million Eurobond ahead of schedule, completing $1.4 billion in debt service obligations due in 2025.
Rating agencies score
He added that international rating agencies such as Fitch Ratings, Moody’s Investors Service and S&P Global Ratings had upgraded Ghana’s credit ratings, reflecting renewed investor confidence.
Inflation, which peaked at 54.1 per cent at the end of 2022, declined to 23.5 per cent by the end of 2024 and further dropped to 3.8 per cent by January 2026, following 13 consecutive months of decline.
“These are not just statistics. They translate into food on the table, breathing space for businesses and renewed confidence in our economy,” he said.
Fuel prices, he said, have also eased, with petrol falling below GH¢10 per litre, while the cedi appreciated by 40.7 per cent against the US dollar.
To anchor the sustainability drive, President Mahama announced the Ghana Accelerated National Reserve Accumulation Policy, aimed at increasing international reserves to cover 15 months of imports by 2028.
He said currently, reserves stand at $13.8 billion, up from $8.9 billion at the end of 2024, representing 5.7 months of import cover.
A key contributor to the reserve build-up, he said, was the formalisation of gold exports through the Ghana Gold Board, which increased recorded artisanal and small-scale gold exports from 63.6 tonnes to 103 tonnes.
“As global uncertainty grows, we must reduce our exposure to external shocks and build resilience at home,” he said.
Assurance
President Mahama assured Parliament that the economic reset was firmly on course, noting that “our nation is on the runway. It is in take-off mode. The direction is set and the hope is real.”
He said the sustainability acceleration agenda would prioritise domestic capital mobilisation, industrialisation, strengthened regional value chains and inclusive growth to ensure long-term prosperity.
“The journey continues and Ghana stands ready to rise with confidence, unity and purpose,” he added.