President John Dramani Mahama delivered a scathing critique of the previous administration’s economic record on Friday, using his second State of the Nation Address (SONA) to contrast his government’s currency management strategy with what he described as the “policing rhetoric” of his predecessors.
Addressing a full chamber of Parliament on February 27, 2026, President Mahama took direct aim at former Vice President Dr. Mahamudu Bawumia, resurrecting the latter’s famous 2017 assertion that the New Patriotic Party (NPP) had “arrested the dollar.”
“We did not arrest the dollar; we strengthened the cedi to put up a good fight against other currencies,” President Mahama teased, drawing a clear line between his administration’s policies and the symbolic language of the past regime.
The President used the address to showcase the economic gains achieved under his administration’s first year in office, which he branded the “Accra Reset.” He reported that the cedi had posted significant gains against all major foreign currencies, including a 40.7% appreciation against the US dollar, a 30.9% rise against the British pound, and a 24% increase against the euro.
According to President Mahama, this stability was not achieved through slogans but through a “comprehensive reset” of the economy. He credited tighter fiscal discipline, a reduction in government borrowing, and the formalization of the gold export sector through the Ghana Gold Board. These measures, he noted, helped grow the nation’s gross international reserves from $8.9 billion to $13.8 billion.
In a pointed jab at his political opponents, whom he referred to as the “Economic Messiahs,” Mahama contrasted his approach with that of the previous NPP government, under which the cedi tumbled to an unprecedented GH₵17 to US$1 in late 2024. Current market data indicates the cedi is now trading more robustly at approximately GH₵10.66.
“While our predecessors set up 40-member committees to investigate why the currency was falling, we focused on judicious expenditure rationalization and stringent anti-corruption measures to restore investor confidence,” the President stated.
Beyond currency performance, President Mahama announced a historic milestone for the Ghanaian economy, revealing that it had surpassed the $100 billion mark for the first time. He also noted an improvement in the nation’s credit outlook, stating that Ghana had moved from “junk” status back toward a B- rating.
“This is a clear signal that Ghana is finally back and working again,” he declared.
The 2026 SONA served as a robust defense of the administration’s first-year performance and a direct challenge to the legacy of the previous government, setting the tone for what promises to be a heated political landscape as the country moves forward.
