Mahama’s first 10 months have been good for business

Executive Secretary of the Importers and Exporters Association of Ghana, Samson Asaki Awingobit, has lauded the current administration led by President John Dramani Mahama for steering the economy towards recovery, citing significant improvements in inflation, exchange rate stability, and fiscal discipline.

Speaking on Off the Lens, a program on OnlineTimesGH’s YouTube channel, Mr. Awingobit described 2023–2024 as one of the most difficult periods for Ghana’s economy, marked by record-high inflation and a collapsing cedi.

“Between 2023 and 2024, Ghana really experienced a very hard time. Inflation went as far as 54%, and the cedi tested ₵16 to a dollar; it was a very challenging period,” he recalled.

He noted that the difficult period had dire consequences on trade and business operations, with many importers diverting goods through neighbouring ports in Lomé and Côte d’Ivoire due to high import duties and forex constraints.

However, according to Mr. Awingobit, since the assumption of office by the current government, the economy has begun showing positive indicators. He credited interventions by the Finance Minister, Bank of Ghana Governor, and the Gold for Reserves Programme for bringing “a level of sustainability” to the cedi and stabilizing inflation.

“As we speak, inflation has dropped from 23% to about 9.4%. The prime rate, which was 28%, is now around 25%. The cedi, which was trading at ₵13 to the dollar earlier this year, is now hovering around ₵12.07. That’s remarkable progress,” he said.

Mr. Awingobit added that the Bank of Ghana’s $1.15 billion injection into the forex market has further strengthened the local currency, providing relief for traders who previously struggled to access dollars.

He also praised the improved coordination between the fiscal and monetary authorities, noting that the close collaboration between the Finance Ministry and the Bank of Ghana has helped maintain policy discipline.

“In the past, the two institutions that were supposed to communicate with each other were disconnected, which took inflation to 54% and the cedi to ₵16 per dollar. But today, they’re working in sync, and that’s why we’re seeing progress,” he stated.

Mr. Awingobit further urged banks to support export financing, insurance for importers, and SME development, emphasizing that Ghana’s growing gold reserves and prudent spending by the government were laying the foundation for sustainable growth.

He concluded by expressing confidence in the current economy’s outlook.

“Doing business currently under President John Dramani Mahama, compared to the last government, has been really good. Both micro and macro indicators are showing positive results, and we must applaud the government for the fiscal discipline it has shown,” he stated.

Click below to watch the full interview…