President John Dramani Mahama has delivered a powerful message to global investors, declaring the Ghanaian cedi as the world’s best-performing currency this year.
Speaking at the Ghana Presidential Investment Forum on the sidelines of the 9th Tokyo International Conference on African Development (TICAD IX), Mahama said Ghana’s economy has staged an impressive turnaround, defying years of volatility and economic setbacks.
“For those of you who know the history of the Ghanaian cedi, it’s been one of the most volatile currencies in Africa. A few years back, it was said to be the worst-performing currency. I’m happy to announce that this year, the Ghana cedi has been the best-performing currency in the world.”
President John Dramani Mahama
Inflation Under Control and Credit Upgrades
Central to Ghana’s economic recovery story is the remarkable progress in taming inflation. Mahama revealed that inflation, which spiked to nearly 23% in 2024, has now dropped to 13.7% and is projected to reach single digits by the end of the year. This success, he noted, has bolstered investor confidence and sent a strong signal of stability to international markets.
Adding to this economic momentum, Mahama highlighted Ghana’s sovereign credit rating improvement. Once languishing at junk status, Ghana has now been upgraded to a B minus with a stable outlook. “We’re confident that in the next review, we will be upgraded again,” Mahama said, positioning Ghana as one of Africa’s most resilient economies.
Mahama emphasized that Ghana’s turnaround was not a matter of luck, but the result of deliberate reforms aimed at lowering the cost of doing business and attracting foreign capital. He pointed to amendments in the Ghana Investment Promotion Centre (GIPC) Act, which now allows investors with as little as $50,000 or $100,000 to enter the Ghanaian market.
“Some barriers were put to foreign investment. You had to prove that you had brought in a certain amount of money to be classified as a foreign investor. In the reviewed law, we are removing those minimal capital investments.”
President John Dramani Mahama
This reform, Mahama argued, creates opportunities for smaller investors who previously could not penetrate the Ghanaian market.
A Gateway to Africa’s Continental Market
Beyond Ghana’s domestic market, Mahama positioned the country as a gateway to Africa’s emerging 1.4 billion-strong consumer base through the African Continental Free Trade Area (AfCFTA). With nearly 50 African countries having signed trade agreements, Ghana is strategically placed to enable duty-free and tariff-free trade across the continent.
“So far, almost 50 African countries have signed agreements that allow us to export duty-free, tariff-free into each other’s markets. Once you register your product and it meets the standards, you can export duty-free into Africa’s market.”
He urged Japanese businesses to consider Ghana as a production hub not only for West Africa but for the entire continent.
Mahama identified several priority sectors that present significant investment potential. These include automobile assembly, agribusiness, energy, and manufacturing.
He highlighted Japan’s comparative advantage in automobile manufacturing, stressing that Ghana’s location makes it an ideal hub for assembling vehicles for both local consumption and exports into Africa. Already, Japanese companies are operational in Ghana, assembling for the domestic and regional markets.
On agriculture, Mahama outlined plans for the Volta Economic Corridor, which will use the Volta Lake to irrigate about 2 million hectares of farmland while hosting industrial parks for agro-processing. He also highlighted opportunities in textile manufacturing for export into global markets, including the EU and the United States.
Energy, Infrastructure, and the Digital Economy
Beyond traditional sectors, Mahama spoke of Ghana’s immense potential in energy production, port infrastructure development, and the fast-growing digital economy. He stressed that Ghana’s youthful, English-speaking population is rapidly adopting and innovating in areas such as artificial intelligence, robotics, and fintech.
“The FinTech sector is one of the fastest growing in Ghana than in any other African country,” Mahama said, adding that this dynamism offers fertile ground for technology partnerships with Japanese firms.
Concluding his address, Mahama emphasized Africa’s emergence as the next frontier for global investment and called on Japan to deepen its partnership with Ghana.
“Africa is opening up, growing, and is a place that Japan should be looking at. Let us marry Japanese position with Ghanaian potential and create a win-win situation for ourselves.”
President John Dramani Mahama
With inflation tumbling, the cedi outperforming global currencies, and reforms reshaping its investment climate, Ghana has positioned itself as an African success story.
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