President John Dramani Mahama has assured Ghanaians that the state has emerged from the years of economic difficulty and is now firmly on the path to growth and stability.
He announced that the country’s economic fundamentals are improving, while investor confidence is returning, and public finances are stabilising.
“Today, Mr Speaker, I can say to you with confidence: Ghana is back. Ghana is working again, and Ghana is open for business,” President Mahama declared.
Also read: LIVE: President Mahama delivers State of the Nation Address
Delivering the 2026 State of the Nation Address (SONA) before Parliament on Friday, the President reflected on his political journey and Ghana’s resilience, describing the nation’s progress as one marked by steady advances, setbacks, and determined recovery.
He linked his government’s vision to Ghana’s upcoming 69th Independence Anniversary on March 6, 2026, themed “Building Prosperity, Restoring Hope.”
“This theme is not merely ceremonial. It is the blueprint that guides our administration’s vision and actions,” he said.
He explained two major policy frameworks namely the Resetting Ghana Agenda – focused on economic stability, institutional reform, and improved living standards; and the Accra Reset – aimed at strengthening Africa’s self-reliance, integration, and strategic leadership.
According to the President, the two agendas are deeply interlinked and essential for sustainable development.
President Mahama reiterated that his administration in 2025 inherited an economy in severe crisis, characterised by high debt, inflation, and currency depreciation.
“We inherited an economy battered by unsustainable debts and reckless management,” he noted.
John Dramani Mahama recalled that in 2025 he assured Parliament his administration would take tough but necessary decisions to restore economic stability, stressing that the government had since implemented key measures including tightening expenditure controls, auditing public commitments, strengthening financial reporting systems, and improving fiscal discipline to ensure greater accountability and sustainable management of public finances.
These steps, he said, have begun to yield remarkable outcomes.
The President outlined significant economic gains recorded over the past year.
According to him, Ghana’s Gross Domestic Product (GDP) reached $110 billion in 2025, rising from $83 billion in 2024, while the average growth rate stood at 6.1 percent, the primary surplus increased to 2.6 percent of GDP above the 1.5 percent target, and the fiscal deficit narrowed to 3.1 percent, performing better than initial projections.
“This is not just prudent governance. It is promise-keeping,” Mahama stressed.
He added that improved discipline has led to falling interest rates, renewed business confidence, and economic relief for households.
Debt default
President Mahama revisited Ghana’s 2022 debt default, describing it as one of the darkest days in our economic history.
He criticised previous debt arrangements that placed heavy repayment burdens between 2025 and 2028.
His administration, he said, responded to the country’s debt challenges with decisive reforms, including the establishment of sinking funds, the renegotiation of financial obligations, and the signing of bilateral debt agreements, which he noted had led to a significant turnaround, with public debt falling by GH¢82.1 billion, the debt-to-GDP ratio declining from 61.8 percent to 45.3 percent, and a $709 million Eurobond being settled ahead of schedule in January 2026.
“Ghana’s credibility is restored. Ghana is rising,” he declared.
The President stressed inflation control as one of his government’s major achievements. He noted that inflation, which peaked at 54.1% in 2022, dropped steadily: 23.5% by end of 2024, 3.8% by January 2026, over 13 consecutive months.
“True fiscal consolidation and disciplined monetary policy have delivered results,” he said.
According to him, reduced inflation has strengthened purchasing power and improved living conditions.
President Mahama urged Ghanaians to remain confident in the nation’s direction, stating, “Our nation is on the runway. It is in take-off mode. You are all advised to fasten your seat belts,” he told Parliament.
He reaffirmed his administration’s commitment to people-centred policies, sovereignty, and responsible global engagement.
“The journey continues. The direction is set. And the hope is real,” he stressed.