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President John Dramani Mahama has officially confirmed that his administration inherited $8.98 billion in gross international reserves, bringing clarity to a long-standing debate over the state of Ghana’s foreign exchange reserves at the time he assumed office.
The clarification came during the opening ceremony of the Ghana–EU Business Forum in Accra, where President Mahama addressed key stakeholders on Ghana’s economic outlook and recent macroeconomic gains.
For years, officials from successive administrations have sparred over the true amount of reserves left by former governments, with accusations ranging from mismanagement to depletion. However, President Mahama’s remarks appear to settle the matter definitively.
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“Our gross international reserves have improved further from $8.98 billion in December 2024 to $10.6 billion by April 2025,” the president stated, acknowledging the foundation laid by the previous administration.
He also noted that Ghana’s foreign exchange reserves have been instrumental in stabilising the local currency and boosting investor confidence.
“The Ghanaian cedi, which depreciated by 19.2% in 2024, has shown signs of recovery, appreciating by 3.9% against the US dollar by the end of April 2025,” he added.
“This has been supported by stronger forex inflows, improved trade balance, and growing investor confidence.”
President Mahama’s comments come at a time when Ghana is striving to attract greater foreign investment, especially from European partners. His emphasis on macroeconomic stability and transparency is seen as a strategic move to bolster credibility in international markets.
The Ghana–EU Business Forum, which brings together policymakers, investors, and development partners, aims to deepen trade relations and explore new investment opportunities to support Ghana’s economic transformation.
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