From crisis to triumph: How Mahama turned Ghana around in just 12 months - Gilbert Attipoe writes
As Ghana marks the first anniversary of President John Dramani Mahama's inauguration on
January 7, 2025, the nation reflects on a period of remarkable transformation. Sworn in after a
decisive victory in the 2024 elections, President Mahama promised a "reset" for Ghana's economy
and society, drawing on his prior experience as president from 2012 to 2017.
In just 12 months, his administration has delivered tangible progress in economic stabilization, infrastructure
development, industrial revival, and social welfare —often surpassing the achievements of the
previous administration under President Nana Akufo-Addo (2017-2025). This article examines key
highlights, including the unprecedented appreciation of the Ghanaian cedi, the ambitious "Big
Push" road construction initiative, the revival of the Tema Oil Refinery (TOR), the transformative
establishment of the Ghana Gold Board (GoldBod), and other advancements, while drawing
comparisons to the prior regime.
Economic Stabilization: A stronger cedi and broader recovery
One of the most celebrated achievements of President Mahama's first year has been the dramatic
turnaround of the Ghanaian cedi. Inherited from an era of chronic depreciation under the
Akufo-Addo administration where the cedi lost over 50% of its value against the US dollar between
2022 and 2024. The currency has not only stabilized but appreciated significantly. By the end of
2025, the cedi had strengthened by over 40% against the US dollar, with notable gains against the
British pound and euro as well. This marks the first annual gain against the dollar in recent history
and represents one of the strongest performances in years.
This forex stability has been a cornerstone of broader economic recovery. Inflation, which stood at
23.8% at the end of 2024, dropped sharply to single digits by late 2025, the lowest in over six years.
GDP growth accelerated to over 6% in the first three quarters, with non-oil growth even higher.
Interest rates on treasury bills fell dramatically, easing borrowing costs and boosting private sector
activity. International reserves increased substantially, public debt as a percentage of GDP declined
markedly, and credit rating agencies upgraded Ghana's outlook, restoring investor confidence.
In contrast, the Akufo-Addo era was characterized by high inflation, persistent currency weakness,
and multiple IMF interventions. Mahama's administration abolished several nuisance taxes,
including the e-levy, betting tax, emission tax, and COVID-19 levy, providing direct relief to
businesses and citizens, steps that were either absent or insufficient under the previous government.
The stock market soared by over 77% in 2025, and Ghana honored major international obligations
without resorting to new borrowing, demonstrating strong fiscal management.
Infrastructure Boom: The "Big Push" for Roads Nationwide President Mahama's "Big Push" initiative has transformed Ghana's infrastructure landscape, addressing longstanding neglect and incomplete projects from the prior administration. Billions of
cedis were allocated to priority road projects, with work commencing on dozens of major highways
across the country, including upgrades to the Accra-Kumasi expressway, Wenchi-Sawla-Wa road,
Atimpoku-Ho-Afloa road and numerous regional connectors.
Contractors have reported swift payment of arrears, enabling rapid mobilization and visible
progress on sites nationwide. The president has personally inspected several projects, underscoring
the administration's commitment. This aggressive push when done would improved connectivity,
reduced travel times, and create thousands of jobs, funded in part by redirected oil revenues and
mining royalties.
By comparison, many flagship road projects under Akufo-Addo remained stalled or incomplete
despite years of promises, with contractors often unpaid. The Big Push represents a clear shift
toward completion and expansion, delivering results where previous efforts fell short.
Industrial Revival: Breathing New Life into TOR
The revival of the Tema Oil Refinery (TOR) symbolizes Mahama's focus on industrial self-reliance.
Long dormant due to mismanagement during the previous administration, TOR resumed full crude
oil refining operations by late 2025. Benefits that were repeatedly promised but not delivered under
Akufo-Addo. The swift turnaround at TOR highlights the current administration's decisive action in
restoring critical national assets.
GoldBod: Revolutionizing Resource Management and Revenue
A flagship achievement of the Mahama administration has been the establishment and rapid
success of the Ghana Gold Board (GoldBod). Launched in early 2025 through the GoldBod Act,
this initiative centralized gold trading, making GoldBod the sole authority for buying, assaying,
selling, and exporting gold from artisanal and small-scale miners. It addressed longstanding issues
of smuggling, fragmentation, and lost revenue that plagued the sector under the previous
government.
In its first year, GoldBod delivered extraordinary results: record gold exports reached billions of
dollars, with small-scale mining exports alone hitting approximately $5 billion in the first five
months and contributing to overall revenues exceeding previous highs. This influx significantly
boosted foreign exchange reserves, supported cedi stability, and marked the first time small-scale
exports surpassed those from large-scale operations. GoldBod also promoted traceability, value
addition, and responsible mining, while curbing illegal activities through a dedicated task force.
Unlike the prior administration, where smuggling and unregulated trading led to massive revenue
losses, GoldBod has formalized the sector, maximized national benefits, and positioned Ghana as a
leader in sovereign resource management.
Social and Sectoral Advances: Building a Better Ghana
The progress extends far beyond economics and infrastructure. In education, initiatives include free
tertiary fees for first-year students, expanded support for persons with disabilities, and increased
funding for infrastructure. Healthcare has seen free primary care expansions and dedicated funds
for critical needs. Power supply has remained stable and reliable, eliminating the frequent outages
that characterized the previous era.
Other notable achievements include the rollout of the 24-hour economy policy, MahamaCare,
anti-corruption measures recovering significant funds, visa-free travel for Africans, and targeted
programs like national apprenticeships and a women's development bank. Export revenues from
gold and cocoa reached impressive highs, port duties were reduced to boost trade, and
unemployment dropped substantially.
Sports, culture, and foreign relations have also flourished, with World Cup qualification, new
cultural investments, and strengthened international partnerships. Public sector efficiencies,
including a reduced presidential staffers and aides, ministers, cabinet size, have saved resources,
while real wage growth has improved living standards.
A Stark Comparisonand Path Forward
While the Akufo-Addo administration introduced initiatives like Free SHS and built some
infrastructure, it grappled with soaring debt, economic instability, and unfulfilled promises. In
contrast, Mahama's first year has delivered faster growth, lower debt burdens, stable power,
completed projects, and groundbreaking reforms like GoldBod marking a period of renewal and
tangible results.
As President President John Mahama begins his second year, the foundations laid in 2025 provide
strong momentum. Challenges persist, but the visible progress across multiple sectors signals a
promising trajectory for Ghana's future. The nation has reason to be optimistic about continued
advancement under this leadership.
