By: Franklin ASARE-DONKOH
Ghana’s President, John Dramani Mahama, has delivered a sharp rebuttal to the economic legacy of former President Nana Addo Dankwa Akufo Addo-Bawumia-led administration, specifically aiming at former Vice President, Dr. Mahamudu Bawumia’s famous 2017 claim of having “arrested” the dollar, locking it up and handing the keys to the IGP.
“We did not arrest the dollar; we strengthened the cedi to put up a good fight against other currencies,” President Mahama teased.
Delivering his second State of the Nation Address (SONA), under his second term in office, on the floor of Parliament on Friday, February 27, 2026, President Mahama declared that his government’s approach to currency stability was built on fundamental economic strengthening rather than “policing” rhetoric.
He highlighted that within his administration’s first year, the cedi had performed exceptionally on the international market:
40.7% appreciation against the US dollar.
30.9% appreciation against the British pound.
24% appreciation against the euro.
The President attributed this turnaround to a “comprehensive reset” that included tighter fiscal discipline, reduced government borrowing, and the formalization of gold exports through the Ghana Gold Board, which saw gross international reserves grow from $8.9 billion to $13.8 billion.
Teasing the “Economic Messiahs-Dr. Bawumia,” President Mahama’s comments served as a direct jab at the New Patriotic Party’s (NPP) past performance, where the dollar-to-cedi rate reached an unprecedented GH₵17 to $1 in late 2024.
Current market data shows the cedi trading more strongly at approximately GH₵10.66 as of today, Feb 27, 2026.
President Mahama noted that while his predecessors set up “40-member committees” to investigate currency depreciation, his administration focused on “judicious expenditure rationalization” and “stringent anti-corruption measures” to restore investor confidence.
Beyond the currency, the President announced that Ghana’s economy has, for the first time, surpassed the $100 billion mark.
He emphasized that the “Accra Reset” has moved the nation from “junk” status back toward a B- credit rating, signaling that the country is finally “back and working again”.
