‘December 19, 2022, under Akufo-Addo was one of the darkest days in Ghana’s economic history’ – President Mahama

President John Dramani Mahama has sharply criticised the previous administration led by former President Nana Akufo-Addo, describing 19 December 2022 as “one of the darkest days in Ghana’s economic history” following the nation’s debt default and the announcement of a moratorium on both domestic and external debt repayments.

Strengthening the Cedi, Not Arresting the Dollar

During his 2026 State of the Nation Address (SONA), President Mahama defended his government’s economic record, insisting that his administration did not attempt to artificially control the US dollar but instead strengthened the cedi to compete effectively against other major currencies.

“We did not arrest the dollar; we strengthened the cedi to put up a good fight against the other currencies,” he told Parliament.

Focus on Tangible Economic Outcomes

The President emphasised that sound economic management extends beyond policy pronouncements and macroeconomic targets. His government prioritises translating recovery efforts into real improvements in living standards, job creation, and expanded opportunities for Ghanaian youth.

He highlighted ongoing initiatives to stabilise the economy, bolster key sectors such as energy, agriculture, and manufacturing, and expand social intervention programmes aimed at protecting vulnerable populations.

Fiscal Discipline and Targeted Investment

President Mahama explained that his administration combines fiscal discipline, accountability, and targeted investment to restore investor confidence and accelerate national development.

He concluded by stressing that his government will be judged not merely on plans and projections but on measurable outcomes that positively impact the daily lives of Ghanaians, underscoring a commitment to practical results and sustained progress.