Mahama links cedi stability to $10bn New Economy Programme
President John Dramani Mahama says government's proposed $10 billion, four-year New Economy Programme will be central to efforts to strengthen the Ghana cedi and build a more resilient economy.
He said the programme, which will be anchored in the 2027 Budget, is aimed at transforming the structure of the economy by expanding domestic production, increasing exports and reducing Ghana's dependence on imported goods.
Speaking at the launch of the Ghana Cedi Heritage Series at Bank Square in Accra on Thursday, November 12, 2026, President Mahama said strengthening the productive capacity of the economy was critical to securing the future of the national currency.
He explained that producing more goods locally and processing more of the country's raw materials would reduce the demand for foreign exchange to finance imports, while expanding exports would generate additional foreign exchange earnings.
"The link to the cedi is clear. Expanding and diversifying our exports can bring in more foreign exchange. Producing more at home can reduce our dependence on imports," he stated.
President Mahama added that these measures, together with disciplined public finances and credible monetary policies, would help create the conditions for a stronger and more stable currency.
"Together with disciplined public finance and credible monetary policies, these measures will help create the conditions for a stronger, more stable cedi, better able to withstand any global shocks," he said.
The President explained that the programme would focus on building an economy that produces more of what it consumes, processes more of what it grows and earns more from exports to international markets.
Under the initiative, government is seeking to strengthen local manufacturing, support domestic industries and create jobs by ensuring that more of Ghana's resources are converted into finished products locally.
President Mahama said the expected benefits of a stronger currency should be reflected in the everyday lives of Ghanaians, including greater certainty for traders, improved production planning for manufacturers and increased purchasing power for households.
"For the trader, it should mean greater certainty when ordering their next consignment of supplies. For the manufacturer, it should give greater confidence when planning their production, for the family, it must be greater confidence that income and savings will meet their needs," he stated.
He expressed confidence in the future of the cedi, saying its strength would depend largely on the country's ability to expand its productive capacity through the New Economy Programme.
The programme is expected to form a major part of the government's economic direction as the Finance Minister, Dr Ato Forson, presents the 2027 Budget to Parliament later on Thursday.
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