President John Dramani Mahama has declared that Ghana’s economy is in “take-off mode,” pointing to sharp declines in inflation, debt, and fuel prices as evidence of what he described as one of the most significant economic recoveries in decades.
Delivering the State of the Nation Address in Parliament on Friday (27 February 2026), Mahama said reforms introduced by his administration—including improved payables reporting and a comprehensive audit of 2024 commitments—have restored fiscal discipline and credibility.
“These measures have begun to deliver some of the most remarkable economic outcomes in decades,” he told lawmakers.
According to the President, Ghana’s Gross Domestic Product (GDP) is projected to reach $113 billion in 2025, up from $83 billion at the end of 2024, placing the country among the top 10 largest economies in Africa. Average GDP growth for the first three quarters of 2025 stood at 6.1%.
He said the country recorded a primary surplus of 2.6% of GDP, exceeding the 1.5% target, while the fiscal deficit closed at 3.1%, below the projected 3.8%.
“It is promise-keeping,” Mahama said, adding that reduced borrowing and responsible spending have lowered interest rates and restored business confidence.
The president described 19 December 2022—when Ghana declared a debt default—as one of the darkest days in the country’s economic history. Following the default and a moratorium on domestic and foreign debt repayments, Ghana entered what he called a protracted and complex restructuring process.
Mahama said his administration established sinking funds, restructured obligations, and pursued bilateral agreements, resulting in a reduction of public debt by GHC82.1 billion and a decline in the debt-to-GDP ratio from 61.8% to 45.3%.
On 2 January 2026, he said, Ghana settled a $709 million Eurobond ahead of schedule, completing the $1.4 billion debt service earmarked for 2025. He added that Fitch Ratings, Moody’s Investors Service, and S&P Global Ratings subsequently upgraded Ghana’s credit ratings.
Inflation, which peaked at 54.1% at the end of 2022, declined to 23.5% by the end of 2024 and further dropped to 3.8% by January 2026, marking 13 consecutive months of decline. Food inflation fell by 26.6 percentage points, while inflation for locally produced goods dropped by 22.6 percentage points.
Petrol prices have reduced from GH¢15.2 per litre to GHC9.97, while diesel fell from GHC15.4 to GHC11.3, bringing relief to motorists and commuters.
As Ghana approaches its 69th Independence Anniversary, Mahama said the country is building prosperity through sound policy, responsible governance, and inclusive growth.
“Our nation is on the runway. It is in take-off mode, and you are all advised to fasten your seatbelts,” he said.
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