President John Dramani Mahama over the week-end used his State of the Nation Address (SONA) to mount a robust defence of his administration’s economic stewardship, declaring that “Ghana is Back”, while delivering pointed, though measured critique of the previous New Patriotic Party (NPP) government of plunging the country into crisis.
Addressing Parliament in Accra, the President blended economic statistics with statesmanlike reflection, casting himself as both crisis manager and custodian of national renewal. While he avoided direct name-calling, his references to “years of general imprudence and reckless management” left little doubt about where the blame was being assigned.
From Crisis to “Take-Off Mode”
Mr. Mahama reminded the House that when he first appeared before lawmakers after returning to office, the economy was “in severe crisis”, saddled with unsustainable debt, runaway inflation, a depreciating cedi and a punishing cost-of-living crisis.
“The 19th of December 2022 will go down as one of the darkest days in Ghana’s economic history,” he said, referencing the debt default that forced the country into a painful restructuring programme.
But in a confident tone that marked the central thrust of his address, the President declared that the tide had turned.
“Our nation is on the runway. It is in take-off mode and you are all advised to fasten your seatbelts,” he told the House.
According to him, GDP is projected to hit $113 billion in 2025, up from $83 billion at the end of 2024, placing Ghana among Africa’s top 10 largest economies.
Average growth for the first three quarters of 2025 stands at 6.1% while the fiscal deficit closed at 3.1% – below projections.
He highlighted a primary surplus of 2.6% of GDP, well above the 1.5% target, describing the outcome as evidence of “discipline over waste, reform over excuses, and stability over speculation.”
Inflation, Cedi and Debt Relief
In one of the most striking claims of the address, the President said inflation, which peaked at 54.1% at the end of 2022 had fallen to 3.8% by January 2026 after 13 consecutive months of decline.
Food inflation alone, he noted, dropped by 26.6 percentage points, while petrol prices fell from GH¢15.20 per litre to below GH¢10.
Exchange rate stability, long a political flashpoint, featured prominently. Mr. Mahama rejected suggestions of artificial currency controls.
“We did not arrest the dollar; we strengthened the cedi,” he said, announcing that the local currency had appreciated by over 40% against the US dollar.
Public debt, he added, fell by GH¢82.1 billion — from 61.8% to 45.3% of GDP — after restructuring and early settlement of Eurobond obligations. International ratings agencies Fitch, Moody’s and S&P have since upgraded Ghana’s credit rating, he said, describing it as the first “triple upgrade” in years.
Policy Reversals and Relief Measures
In what appeared to be a direct swipe at the NPP era, the President touted the abolition of “nuisance taxes” introduced between 2017 and 2024, including the E-Levy, Betting Tax and Emission Tax.
He also announced sweeping VAT reforms, including the scrapping of the COVID-19 Levy and a reduction in VAT from 21.9% to 20%, moves he said had returned GH¢6 billion to households and businesses.
Interest rates, once above 30%, have fallen to about 18%, he added, freeing credit for private enterprise.
The establishment of the Ghana Gold Board, he said, has formalised artisanal exports, reduced smuggling and bolstered reserves, which now stand at $13.8 billion — covering 5.7 months of imports.
Infrastructure, Industry and Anti-Galamsey Drive
Beyond macroeconomic indicators, Mr. Mahama outlined progress on stalled industrial projects, including efforts to revive the Komenda Sugar Factory and Volta Star Textiles, and renewed investment in non-traditional exports, which grew by 27% in 2025.
On illegal mining, he described the fight against galamsey as “complex and multidimensional,” noting the deployment of 1,634 Blue Water Guards nationwide and the tracking of over 1,000 pieces of mining equipment.
Sea defence works, housing projects such as Saglemi and Oxygen City in Ho, and expanded water supply schemes across several regions were also cited as evidence of a broad-based recovery agenda.
A Statesman’s Appeal
Yet beyond the statistics and partisan undertones, the address pivoted toward a higher register of statesmanship.
Drawing from an African proverb — “However long the night, the dawn will break” — the President urged unity beyond party lines, reminding Parliament that “the buck stops with the President,” but nation-building demands collective effort.
“It is the long chain of effort that carries intent into reality,” he said, underscoring the role of farmers, teachers, traders and entrepreneurs in translating policy into progress.
In a reflective moment referencing a recent diplomatic episode in Zambia, he spoke of Ghana’s “brand equity” and the need for unity not only in moments of cultural pride but also during political disagreement.
“The Republic is larger than any one political party,” he stressed.
Political Undertones
While the speech was framed as a progress report, its subtext was unmistakable. The repeated invocation of inherited mismanagement and references to debt restructuring timelines widely seen as backloaded suggested a carefully calibrated political message aimed at contrasting his administration’s approach with that of the NPP.
Still, Mr. Mahama closed not with triumphalism, but with resolve.
“The State of our Nation is resilient, the state of our nation is renewing and our nation is firmly in the hands of its people,” he declared.
For a President seeking both vindication and validation, the message was clear: the reset is underway and the credit, he believes, belongs squarely to his leadership.
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