The Cedi was rapidly depreciating when I took over-Mahama

The Cedi was rapidly depreciating when I took over – Mahama tells UN General Assembly

September 25, 2025

President John Dramani Mahama has told the 80th United Nations General Assembly that Ghana’s economy was in severe distress when he assumed office on January 7, 2025, with the local currency rapidly depreciating and inflation on the rise.

Addressing world leaders in New York on Thursday, the President said his administration acted swiftly to restore stability through a comprehensive reform programme dubbed the “reset agenda.”

“I was sworn in for a second term, which, I should add, is non-consecutive with the first. Our currency, the Ghana cedi, was rapidly depreciating. Faced with rising inflation, a huge debt burden, and low morale amongst our citizens, my new administration quickly embarked on an ambitious programme of comprehensive transformation designed to restructure Ghana’s economic foundation and enhance our competitive standing globally,” Mahama said.

According to him, the measures have already yielded significant results. Inflation, he noted, has dropped from 23.8 percent in December 2024 to 11.5 percent in August 2025. The Ghana cedi has also appreciated against major international currencies, with Bloomberg at one point ranking it the best-performing currency in the world.

President Mahama further highlighted Ghana’s improved sovereign credit rating, describing it as evidence of renewed investor confidence.

He also underscored the government’s flagship 24-Hour Economy Initiative, which he said will play a transformative role in Ghana’s future growth.

“Our improved sovereign credit rating reflects increasing investor confidence. Our 24-Hour Economy Initiative promises to transform our economy. There is a renewed willingness among the people to trust that their elected officials have Ghana’s interests at heart and that we are progressing together,” he told the Assembly.