Ghana’s President John Dramani Mahama said Thursday his government had begun stabilising the country’s economy after inheriting what he described as a deep economic crisis marked by unsustainable debt, high inflation and severe hardship for citizens.
Delivering his State of the Nation Address before parliament, Mahama said the administration took office amid deteriorating macroeconomic conditions that had weakened household purchasing power and eroded confidence in the economy.
“We inherited an economy in severe crisis, burdened by unsustainable debts, high inflation, a rapidly depreciating currency and an escalating cost of living crisis,” he told lawmakers.
According to the president, the economic downturn was the result of years of fiscal indiscipline and weak financial management that left public finances under strain and businesses struggling.
Mahama said recovery required difficult policy decisions aimed at restoring credibility rather than pursuing short-term political relief.
From the outset, he said, his government moved to halt what he described as economic “haemorrhaging” by tightening expenditure controls, improving commitment management systems and conducting a comprehensive audit of public sector financial obligations.
The measures, he added, were designed to restore transparency and discipline in government spending while rebuilding trust among investors and development partners.
Mahama told parliament that early results from the reforms were encouraging, with improving economic fundamentals signalling a gradual return to stability.
“Recovery would not come easily,” he said. “But we were determined to reset our economy and return Ghana to a path of growth, progress and development.”
He said fiscal consolidation efforts were now beginning to translate into measurable economic outcomes, although challenges remained for households still facing high living costs.
The president linked economic recovery to broader governance reforms, arguing that responsible leadership and sound policymaking were essential to restoring national confidence.
“As we approach the celebration of our independence anniversary, we do so not only with pride in our past but with renewed hope for our future,” Mahama said.
He highlighted the government’s “Resetting Ghana Agenda” and the “Accra Reset” programme as central pillars of economic restructuring aimed at building resilience and inclusive growth.
Mahama said Ghana’s recovery strategy prioritised stability over speculation and reform over wasteful spending, stressing that sustainable growth required long-term discipline.
“Our nation is on the runway,” he said. “It is in take-off mode.”
Economists say Ghana’s economic direction will depend largely on maintaining fiscal discipline while stimulating private sector growth and employment creation.
Mahama expressed confidence that continued reforms would gradually ease economic pressures on citizens while positioning Ghana for sustained expansion.
He concluded by urging lawmakers and citizens to support ongoing reforms, saying national recovery required collective commitment.
