– As cedi bounces back, prices ease
President John Dramani Mahama, is excited at what he describes as early signs of economic recovery under his administration, citing the strengthening Ghanaian cedi and declining market prices, as evidence that recent policy measures are beginning to bear fruit.
Speaking at a durbar in Wa in the Upper West Region, yesterday, Thursday, 15 May, as part of his nationwide thank-you tour, following his 2024 electoral victory, President Mahama outlined his government’s efforts to restore economic stability since assuming office earlier this year.
“Since taking over the reins of government, our focus has been on stabilising the economy,” he said.
“We therefore presented to Parliament in March this year a budget aimed at severely trimming expenditure and channelling saved revenue into priority programmes, as promised in our manifesto.”
He noted that the government’s commitment to fiscal discipline and strategic investment is beginning to yield positive outcomes.
“I am happy to report to you that our efforts to stabilise the economy have begun to yield results. This is evident in the improved performance of our local currency and the gradual reduction in the prices of goods and services on the market,” President Mahama added.
His comments, come at a time of cautious optimism among analysts and the public, as the cedi shows signs of strengthening after a period of sharp depreciation, and inflation appears to be easing slightly in major urban centres.
President Mahama, also applauded the Minister of Finance, Dr Cassiel Ato Forson, and the Governor of the Bank of Ghana (BoG), Dr Johnson Asiama, for their joint efforts in steering Ghana’s economy toward recovery.
He made these remarks during a durbar of chiefs and residents at the Wa Jubilee Park, as part of his tour of the Upper West Region.
Mahama praised the collaboration between the Ministry of Finance and the Central Bank, describing it as a key factor behind recent signs of economic stabilisation.
“I wish to commend the Honourable Minister of Finance and the Governor of the Bank of Ghana, along with their teams, for the close collaboration and coordination they are demonstrating in this economic turnaround,” Mahama stated.
The President expressed optimism about the direction of the economy, indicating that further improvements are anticipated in the months ahead.
“I am confident that by the time the Honourable Minister returns to Parliament to present his mid-year review budget in August, we will have even more good news for Ghanaians,” he added.
Mahama’s remarks come amid growing public and political interest in Ghana’s economic prospects, as the Ghanaian cedi continues to appreciate.
Recent indicators, have shown signs of improvement, prompting renewed confidence among policymakers and financial institutions.