$10.6bn Reserves Driving Cedi's Gains - President Mahama

Accra, Ghana - 20 May, 2025 - Ghanaian President John Dramani Mahama has credited the recent strengthening of the local currency, the Cedi, to increased foreign exchange inflows and deliberate policy measures aimed at stabilizing the economy.

Speaking at the Ghana-EU Business Forum in Accra on the theme “Deepening Ghana-EU Cooperation on Trade and Investment in Non-Traditional Value Chains under the EU Global Gateway Strategy,' President Mahama pointed to a significant increase in the country's gross international reserves, which rose to $10.6 billion in April 2025 from $8.9 billion in December 2024. 

This surge, he said, reflects growing investor confidence and a strengthening of Ghana's external financial buffers. 

Mahama also noted that the government has made progress in reducing the fiscal deficit, which dropped to 6.4% of GDP in the first half of 2025 from 7.5% in 2024.

“Fiscal consolidation is underway, we have reduced the fiscal deficit on commitment basis, from 7.5% of GDP in 2024 to 6.4% in the first half of 2025, and we are on track to meet our 2025 end year of 3.1% through expenditure rationalisation, improve domestic revenue mobilization and strong anti corruption measures.

“These figures, though early in the year, are clear signs of discipline and inclusive economic recovery. Our trade with the European Union remains robust and neutrally beneficial,” he stated.

To attract investment, Mahama assured stakeholders that the government is committed to creating a secure and enabling business environment.

He cited efforts to promote transparency, predictability, and reform in the business sector.

“I assure all potential investors that under this administration, Ghana is committed to transparent Governance, policy predictability and a reformed business environment. We are restoring confidence in our public procurement systems, enforcing contract sanctity and protecting investor rights under both domestic and international legal regimes,” he added.

The Ghana-EU Business Forum provided a platform for stakeholders to explore trade and investment opportunities, with a focus on non-traditional value chains under the EU's Global Gateway Strategy. 

Source: Lead News Online