President Mahama Credits Reserves for Cedi’s Recent Gains
President John Dramani Mahama has confirmed that his administration inherited $8.98 billion in foreign exchange reserves from the Akufo-Addo government, resolving a contentious debate between officials of both administrations. Speaking at the Ghana–EU Business Forum in Accra on May 20, 2025, Mahama highlighted the role of these reserves, now at $10.6 billion, in stabilizing the Ghanaian cedi.
The cedi, which depreciated by 19.2% in 2024, appreciated by 3.9% against the US dollar by April 2025, trading at GH¢12.4 from GH¢14.4 earlier in the year. Mahama attributed this recovery to increased foreign exchange inflows, improved trade balances, and growing investor confidence, bolstered by the reserves’ growth from $8.98 billion in December 2024 to $10.6 billion by April 2025.
The acknowledgment counters claims that the previous government left depleted reserves, with former Finance Minister Dr. Mohammed Amin Adam noting that the $8.9 billion facilitated the cedi’s stability. However, critics, including some social media users, argue the reserves’ growth reflects Mahama’s policies, like gold export strategies via the Ghana Gold Board, rather than inherited gains.
Mahama’s administration is focused on economic stabilization, though challenges like high public debt and poverty persist. The cedi’s gains signal progress, but sustaining investor confidence and addressing structural issues will be critical for Ghana’s economic reset, as emphasized at the forum themed around deepening trade with the EU.