Economic stability, price reduction biggest wins of Mahama gov’t so far – Kwakye Ofosu

Minister for Government Communications, Felix Kwakye Ofosu, has indicated that the government’s efforts to stabilize the economy and facilitate the reduction of prices of goods and services are among the current administration’s biggest victories so far.

In an interview on Channel One TV late Tuesday, the minister said the precarious situation inherited this year required the government’s swift response to improve upon economic indicators.

He said in the lead-up to the 2024 general election, the most topical issue was the economy, which he described as being in “total shambles”. He added that the cost of living had resulted in struggles among Ghanaians to make ends meet.

“When we came to power, improving economic conditions was the first thing that we did. There was the need to stabilize the economy, stabilize the currency, stop the rapid depreciation that was ongoing at the time, and bring it to a level that led to significant reductions,” the president’s spokesperson said during the primetime interview.

Mr. Kwakye Ofosu noted that the Ghana Union of Traders Association (GUTA) met the Parliamentary Select Committee on the Economy to brief lawmakers on thousands of goods that had seen a reduction as a result of improved economic conditions.

The minister also cited the slump in fuel prices and transport fares as a key effect of the Mahama administration’s positive handling of the economy.

In 2025, Ghana has seen a marked improvement in its currency value: the Ghanaian cedi has appreciated sharply against major foreign currencies.

This turnaround follows a period of significant depreciation and is tied to stronger fiscal discipline, tighter monetary policy, better foreign exchange reserves, and improved external sector performance.

On the prices side, inflation has been on a consistent down‐trend during 2025, which has begun to deliver real cost relief to consumers.

Ghana’s annual inflation rate slowed for the eighth month in a row in August, reaching its lowest level since October 2021, the Ghana Statistical Service said earlier this month. Consumer inflation fell to 11.5% year on year from 12.1% in July.