Dr. Edem Segbefia, an aspiring National Vice Chairman of the National Democratic Congress (NDC), has praised the economic management of President John Dramani Mahama, telling party grassroots in the Western Region that the government’s financial sector reforms have restored stability, renewed investor confidence, and brought relief to ordinary Ghanaians.
Addressing party members during an interactive engagement, Dr. Segbefia said the Mahama administration inherited an economy weighed down by high debt, soaring inflation, rising interest rates, and a rapidly depreciating cedi.
According to him, the government’s economic policies since assuming office in January 2025 have reversed that trend and placed Ghana on a path of sustained recovery.
“Our government under His Excellency President John Dramani Mahama is delivering results, and the financial sector is proof,” Dr. Segbefia said. “The same economy that was broken and unpredictable two years ago is now stable, growing, and giving hope back to the ordinary Ghanaian.”
He noted that the banking industry, which had previously struggled with mounting debt, weak infrastructure, and uncertainty, has regained strength through prudent macroeconomic management and targeted reforms.
Highlighting what he described as the administration’s major achievements, Dr. Segbefia said the Ghana cedi appreciated significantly against the world’s major currencies, strengthening by 40.7 percent against the US dollar, 30.9 percent against the British pound, and 24 percent against the euro. He said the improved exchange rate has reduced imported inflation while providing greater certainty for businesses.
He also pointed to a sharp decline in inflation, stating that headline inflation dropped from 23.8 percent in December 2024 to 3.8 percent in January 2026, while food inflation also declined considerably, easing the cost of living for households across the country.
According to Dr. Segbefia, government efforts have also reduced borrowing costs. Treasury bill rates have fallen substantially, commercial lending rates have eased, and businesses now have improved access to credit and liquidity.
On fiscal management, he said the administration has reduced public debt by GH¢82.1 billion, lowered the debt-to-GDP ratio, maintained fiscal discipline, and restored Ghana’s credibility by honouring major external debt obligations.
“The government’s prudent management has strengthened confidence in our economy both locally and internationally,” he said.
Dr. Segbefia further highlighted improvements in Ghana’s external reserves, growth in Bank of Ghana assets, stronger capital positions within the banking sector, and declining non-performing loans as evidence that the country’s financial institutions are becoming more resilient.
He added that Ghana’s improving economic outlook has been recognised internationally through credit rating upgrades by Fitch Ratings, Moody’s Ratings, and S&P Global Ratings, while domestic policy initiatives—including the removal of the betting tax, Electronic Levy (E-Levy), and emissions tax have eased the burden on citizens and businesses.
He also cited the establishment of the Ghana Gold Board and the Ghana Accelerated National Reserve Accumulation Policy as strategic measures aimed at boosting foreign exchange reserves, formalising gold exports, and strengthening long-term macroeconomic stability.
Dr. Segbefia said Ghana’s economy expanded strongly during 2025, with broad-based growth beyond the petroleum sector, reflecting renewed investor confidence and improved economic activity.
He argued that lower inflation, a stronger currency, reduced borrowing costs, and stable macroeconomic conditions have translated into tangible benefits for citizens through lower prices for fuel, food, and imported goods.
“The government is changing the narrative,” he said. “People are beginning to experience real price reductions, and confidence is gradually returning to the economy.”
Dr. Segbefia urged NDC members to continue supporting the Mahama administration, stressing that sustained economic recovery would ultimately benefit party members and the wider Ghanaian population.
“Comrades, if the government continues to improve the lives of the people, we have every opportunity to retain the confidence of Ghanaians for many years to come,” he said. “When the NDC is in government, the benefits are first felt at the grassroots.
Let us continue to support the government, defend its achievements, remain patient, and work together. Our sacrifices and commitment will not be in vain.” He concluded
Story: Patrick Asford Boadu
