By H. E. Dr. Ekwow Spio-Garbrah
Accra, Ghana – Today marks (a little over) the 150th day of President Mahama in office. What have we heard and read in the media over this period?
1. Inflation drops to 18.4%, the lowest since February 2022
2. Ghana bonds deliver the best returns in May 2025
3. Mobile money transfers rose by 25% to reach 800 million Cedis in April 2025
4. Ghana’s exports earnings hit $9.3 billion in April 2025
5. Ghana Stock Exchange records over 30% growth in 2025 Q1 beating all other securities markets in West Africa
6. Ghana’s Cedi is the best performing currency in the world as of April 2025
7. Gold purchases and exports from the artisanal small-scale sector for just the month of May 2025, hits record high of 11 tonnes with export value of $1.17 billion United States dollars.
8. The Cedi has gained so much strength that it has been recorded to exchange for less than 10 Cedis in some banks.
9. S&P Global Ratings upgrades Ghana’s foreign-currency sovereign credit rating from Selective Default (SD) to CCC+
10. Government projects and additional revenue of 5.7 billion Cedis from the 1 Cedi tax per litre of fuel
There is more we have read about improved indicators in the Ghana economy even if there are some persistent challenges.
CONCLUSION
Ghana’s economy appears to be on the right trajectory. It is still very early day, and cautious optimism is important, but the direction of travel from what we read online is positive.
If the government maintains this discipline over the next 1 to 2 to 3 to 4 years, we are likely to see a consolidation of some of this progress. There are still significant challenges to our economy, such as huge debt, but overall, some good choices have been made, and the economy and currency appear to be responding favorably. Time will tell if this direction of travel would be sustained but after 150 days, overall, it is positive.
Kudos to the President. Kudos to the Finance Minister and Kudos to all those working around the clock to ensure Ghana’s economy improves.
Just as we would have been alarmed and concerned if the figures were heading in the wrong direction, we can show appreciation since they are heading in the right direction for now. The work is not done at all. There is much more ahead.
May our government maintain the fiscal discipline needed to move our nation forward. If Ghana wins, we all win.
Peace.
About the Author:
H. E. Dr. Ekwow Spio-Garbrah is an executive of the Africa Private Sector Summit. Former Ghana Ambassador to the U.S; Former Minister of: Trade and Industry, Minister of Telecommunication, Minister of Mines and Minister of Education. Former AfDB and IFC staff
