President of the Dangote Group, Aliko Dangote, has attributed Ghana’s economic turnaround to renewed confidence in President John Dramani Mahama’s leadership, declaring that “money follows trust” and that the country’s rapid recovery demonstrates the critical role investor confidence plays in driving economic growth.
Speaking at the Accra Reset event hosted by President Mahama on the sidelines of the 81st United Nations General Assembly on Monday, September 21, the African business magnate and Africa’s richest man said the President’s approach had reassured investors and restored confidence in Ghana’s economy.
“He didn’t do any magic. He’s not a magician, but he did the right things, and people really have a lot of trust in him. And that’s why Ghana’s economy turned around. This has actually shown that money follows trust,” Dangote said.
He explained that President Mahama had not relied on extraordinary measures to achieve the turnaround but had instead taken the right decisions to rebuild trust, reinforcing the relationship between confidence in leadership and the movement of capital.
The Accra Reset Event
The Accra Reset event, held under the theme “Full Circle: Making Global Development Work Again,” convened world leaders to examine how global development can be made to work for all countries, particularly those in Africa and the Global South. The event, hosted on September 21, was the first of two high-level side events President Mahama is leading at the 81st UN General Assembly, with the second focusing on reparatory justice scheduled for September 23.
The initiative, launched in late 2025, is a major international effort led by President Mahama to transform global governance, particularly in health and development, moving from aid dependency towards health sovereignty and economic self-reliance for nations in the Global South. It has attracted a diverse coalition of global leaders, including President Cyril Ramaphosa of South Africa, President Luiz Inácio Lula da Silva of Brazil, Prime Minister Narendra Modi of India, and Prime Minister Mia Amor Mottley of Barbados.
Ghana’s Economic Turnaround
Dangote’s endorsement comes amid strong macroeconomic data showing Ghana’s economy has recovered significantly since the Mahama administration took office in January 2025. Inflation has declined from 23.8 per cent at the end of 2024 to 5.8 per cent in 2025, falling further to 3.2 per cent as of March 2026 — the lowest level since the CPI rebasing in 2021.
The Ghana cedi has appreciated by more than 40 per cent against the US dollar since 2025, strengthening from between GH¢16 and GH¢17 to about GH¢10.70. Real GDP growth rose to 6 per cent in 2025, up from 5.8 per cent in 2024, with the economy growing 6.4 per cent in the first quarter of 2026 — exceeding the annual target of 4.8 per cent.
Ghana’s GDP has crossed the $114 billion mark, ranking as Africa’s eighth largest economy, while foreign exchange reserves have risen from $8.6 billion in 2024 to $13.9 billion in 2025. Public debt levels have declined markedly, with the debt-to-GDP ratio falling from 61.8 per cent to 45.3 per cent at the end of 2025 — well ahead of the initial 2034 target.
Dangote’s Deepening Ties with Ghana
Dangote’s praise for President Mahama reflects a deepening commercial relationship between Ghana and the Dangote Group. In February 2026, Ghana announced its intention to import petroleum products from Nigeria’s Dangote Petroleum Refinery, Africa’s largest, as it seeks to address limited domestic refining capacity. The Dangote Refinery, currently operating at 85 per cent of its 650,000-barrel daily capacity, has already begun supplying fuel to Ghana, among other African nations.
“We have had extensive engagements with Alhaji Aliko Dangote to position Ghana to take refined products from Nigeria,” Ghana’s National Petroleum Authority CEO Godwin Tameklo said, noting that Ghana currently spends $400 million monthly on European fuel imports.
In September 2026, the Dangote Petroleum Refinery launched a public offer to raise approximately ₦2.15 trillion for expansion, with Ghanaian investors among those invited to participate.
Sustainability Concerns Raised
While Dangote’s endorsement adds significant weight to the narrative of Ghana’s economic recovery, some political figures have urged caution. On the same day as the Accra Reset event, Alan John Kwadwo Kyerematen, leader of the Afrafranto Alliance, acknowledged the progress made by the NDC government in stabilising the economy but emphasised that sustainability is key.
“If you ask me about my own assessment of what the NDC and President John Dramani Mahama have done, I would say, generally, they have done well, particularly stabilising the macroeconomy,” Kyerematen said, while cautioning that the gains must be sustained.
Finance Minister Dr. Cassiel Ato Forson, however, has insisted that the gains reflect disciplined fiscal management and a deliberate strategy to anchor economic policy in credible institutions, ensuring sustainability over the medium term. “Ghana’s experience over the past fifteen months demonstrates that African economies can not only navigate crises but also leverage them as opportunities for deep structural reform,” he said at the IMF/World Bank Spring Meetings in April 2026.
Broader Significance
Dangote’s remarks carry particular weight given his stature as Africa’s foremost industrialist and his extensive business interests across the continent. His endorsement of Ghana’s economic trajectory — and his attribution of the recovery to trust in leadership — serves as a powerful signal to international investors considering the Ghanaian market.
The Dangote Group’s growing partnership with Ghana, particularly in the energy sector, reflects a broader shift toward intra-African trade and regional economic integration, a vision Dangote has long championed. As Ghana positions itself as a leading destination for business and investment under the Resetting Ghana Agenda, the confidence of Africa’s richest man may prove as valuable as any policy reform.
