During President John Dramani Mahama’s speech at the 23rd Anniversary Thanksgiving Service of the First Sky Group, on January 25, 2026, GhanaFact identified two claims he made about how the country’s economy fared in 2025.
In his speech, he spoke about the performance of the Ghana cedi against the US dollar and about Ghana’s current primary balance.
This fact-check report will verify the two claims he made.
Claim 1
“For the first time to see our long-suffering Ghanaian currency, the cedi that has been taking a beating over the years, (from claims that) dollars have been arrested, they have broken jail and all that, for the first time to see the Ghanaian cedi appreciated by 37% (against the US dollar) in one year is only God and by His grace.”
Did the Ghana cedi appreciate in 2025 and by what percentage?
Fact-Check
To verify this claim, GhanaFact reviewed the Bank of Ghana’s (BoG) annual reports.
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The records show that the Ghanaian cedi consistently depreciated against the US dollar in the years preceding 2025. Since Mahama’s first term in 2013, the highest depreciation occurred in 2014 (31.3%) under Mahama’s first term, while the lowest depreciation was recorded in 2020 (3.9%) under the Akufo-Addo administration.
The cedi, however, significantly appreciated in 2025. According to the BoG’s final Monetary Policy Committee (MPC) statement for 2025, “In the year to 21st November 2025, the cedi recorded an appreciation of 32.2 percent against the US dollar.”
In its first MPC report for 2026 released on January 28, 2026, the apex bank stated: “In 2025, the cedi recorded an appreciation of 40.7 percent against the US dollar, compared with a depreciation of 19.2 percent in 2024.”
Based on the records, the Ghanaian cedi did appreciate significantly in 2025. However the appreciation rate recorded at the end of 2025 was 40.7%, not 37% as claimed.
Verdict
Therefore, the claim is partly true.
Claim 2
“The IMF gave us a primary balance of 1.5%. End 2025, our primary balance is 2%, higher than the IMF gave.”
Fact-Check
What is primary balance?
According to the Ministry of Finance’s macroeconomic framework, primary balance “measures the effects of current budgetary policy by excluding interest payments. It indicates how the current fiscal actions of the Government affect the Government’s net debt.” It is the difference between the current total revenue and the current expenditure (excluding interest payment)
Per the Bank of Ghana’s Monetary Policy Committee (MPC) release of January 26, 2026, Ghana recorded a primary balance of 2.8% at the end of 2025. “The primary balance on commitment basis recorded a surplus of 2.8 percent of GDP, compared with a target of 0.6 percent,” the report stated.
While Ghana’s primary balance exceeded the IMF’s projection of 1.5%, the final 2025 BoG record shows a primary balance of 2.8% not 2% as claimed.
Verdict
Therefore, the claim is rated understated.
NB: We have reached out to the Office of the President with our findings, this report will subsequently incorporate any clarifications.
Researched by Nusrat Essah
