President John Mahamah has reiterated the fact that in Eight (8) Months in office, his government has successfully worked to lower the exchange rate, from about Ghc17 to the US$1 to about Ghc11 to the same US$1 submitting that “the burden of doing business has reduced” significantly.
According to him, the cost of living for the average Ghanian has also dropped, “Inflation has dropped to a record four-year low, signaling renewed macroeconomic stability”.
“Today we are seeing a stabilization in the price of goods and services, with inflation dropping significantly from 23.8% in December 2024 to 11.5% in July 2025, the lowest inflation rate recorded since December 2021”.
He noted that “this isn’t just about numbers, it’s about being felt across markets and homes.
The prices of key commodities are falling, and for the first time in years, brands and businesses are actively advertising their price reductions, a sign that recovery is not only real but tangible”.
He said, official trade associations have presented data to Parliament that shows that up to 4,500 different items on the market have seen varied price reductions, “we’ve stayed current with our bond repayment obligations”.
On the issue of economic recovery efforts, the president mentiones that the global credit rating agencies, S&P Global Ratings, have upgraded Ghana’s country credit risk from junk to B- with a stable outlook, reflecting renewed investor confidence and a positive momentum in economic management.
To maintain this positive momentum of the economic recovery, Mr. Mahama stressed that “we’re increasing Ghana’s productivity through bold job-creating initiatives, and one of the most transformative among them is our 24-hour economy initiative, a policy that is designed to boost micro and small and medium enterprise, modernize agriculture, and expand employment opportunities across key sectors”.
To him, this initiative is not just about keeping the lights on longer, it is about unlocking new shifts of productivity, widening access to jobs, and building a resilient, inclusive economy that works for all.
“Only yesterday, Cabinets approved for onward submission to Parliament the 24-hour authority bill.
Already we’re seeing key institutions take the lead in actualizing the 24-hour economy vision. The Ghana Publishing Company has transitioned to a full 24-hour operation. The Passport Office and Ghana’s foreign missions have also rolled out round-the-clock services to expedite passport processing and improve service delivery”, adde.
“At our ports, both Tema and Takoradi are now operating 24 hours to boost trade efficiency and reduce congestion. To guarantee safety within this evolving ecosystem, a dedicated 24-hour economy policing secretariat has been established in the Ministry of Interior to provide continuous security support across the country. These bold steps signal a clear national commitment to building a resilient, inclusive, and job-rich economy”.
