As Ghana marks 68 years of independence on 6th March 2025, the nation finds itself at a crossroads.
- Ghana marks 68 years of independence on 6th March 2025
- 66% of Ghanaians believe the national economy is worse than a year ago
- John Dramani Mahama returns to power with promises to revive the economy and boost job creation
Under the theme “Reflect, Review, Reset,” this year’s commemoration is not just about celebrating past achievements but also about assessing the current economic challenges and envisioning a way forward.
According to an Afrobarometer survey conducted in August 2024, 66% of Ghanaians believed the national economy is “worse or much worse” than it was a year ago, while 59% feel the same about their personal living conditions.
However, despite the economic struggles, 45% remain optimistic that the country’s economy will improve in the next 12 months, though 15% are uncertain about what lies ahead.
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Economic Hardships Under Akufo-Addo (2017-2025)
Ghana’s economic downturn in recent years has been marked by high inflation, a depreciating cedi, rising debt, and unemployment.
The administration of President Nana Akufo-Addo, which began with high hopes in 2017, has struggled with economic stability, especially in the aftermath of COVID-19, external debts, and mismanagement concerns.
Key Economic Challenges Under Akufo-Addo
Issue Impact on Economy
High Inflation Inflation reached a record 54.1% in December 2022, driving up the cost of living.
Cedi Depreciation The Ghanaian cedi lost over 50% of its value against the dollar in 2022, making imports more expensive.
Debt Crisis Ghana’s debt-to-GDP ratio surpassed 90%, leading to a $3 billion IMF bailout in 2023.
Unemployment Youth unemployment hit over 14%, leaving many graduates struggling for jobs.
High Cost of Living Food and fuel prices skyrocketed, leading to increased poverty levels.
The period was marked by multiple protests, including the #FixTheCountry movement, demanding economic reforms.
Despite some government interventions, such as the Planting for Food and Jobs programme and One District, One Factory, many Ghanaians did not feel the economic relief promised.
Ghana’s Present Economy Under Mahama (2025-Present)
With the return of John Dramani Mahama to power in 2025, expectations have been mixed. Mahama, who previously served as President from 2012 to 2017, campaigned on a promise to revive the economy, boost job creation, and cut wasteful spending.
Current Economic Outlook (2025)
Economic Factor Current Status (2025)
Inflation Inflation fell slightly to 23.5% in January 2025
Cedi Stability Per the Bank of Ghana’s latest Summary of Economic and Financial Data, the cedi has weakened by 2.4% against the US dollar, 3.0% against the Euro and 0.8% against the British Pound as of January 2025.
Debt Management Efforts to restructure loans and reduce external borrowing.
Social Interventions Increased focus on education, healthcare, and agriculture.
While Mahama’s first year back in office has seen some progress, many Ghanaians remain sceptical about whether long-term economic stability can be achieved.
Despite the economic struggles, the government has asked Ghanaians to remain hopeful that things will improve within the next year. The government also urged citizens to “trust the process” as it works on policies aimed at reducing inflation, stabilising the currency, and improving social welfare.
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Conclusion: The Road Ahead for Ghana
Ghana’s 68th Independence Day is not just a time for reflection but also a call to action. The economic challenges of the past eight years highlight the need for better governance, stronger financial policies, and economic diversification.
As Ghanaians review the past, reflect on the present, and reset for the future, one thing remains certain—the nation’s resilience will determine its path forward.
Whether Mahama’s administration can deliver on its promises remains to be seen, but one thing is clear: Ghanaians are watching closely.
