Former President John Dramani Mahama has announced that the recent appreciation of the Ghanaian Cedi has resulted in a significant reduction in the country's debt, cutting it by nearly GH₵150 billion.
Speaking at a presidential forum during the 60th Annual Meeting of the African Development Bank (AfDB) and the 51st Annual Meeting of the African Development Fund (ADF) in Abidjan, Mahama revealed that the strengthening of the Cedi is accelerating Ghana’s progress toward achieving its debt sustainability goals.
“If this upward trend continues, Ghana could achieve its medium-term debt sustainability target of 55% to 58% of GDP by the end of this year—well ahead of the 2028 deadline,” Mahama stated. “This would provide much-needed fiscal space to channel investments into the most productive sectors of the economy.”
Mahama credited this fiscal turnaround to a series of decisive monetary and fiscal interventions implemented over the past five months. He described these measures as bold but essential for restoring investor confidence, stabilizing the macroeconomic environment, and laying the foundation for long-term growth.
Once characterized by rapid depreciation, the Cedi has shown strong performance in recent weeks, driven by improved foreign exchange inflows, stricter economic discipline, and increased export revenues.
The AfDB Annual Meetings gather African leaders, policymakers, and financial experts to develop strategies for sustainable development across the continent.
Source; theghanareport.com
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