Mahama Confirms Inheriting $8.98 Billion in Reserves from Previous Administration
President John Dramani Mahama has confirmed that his administration inherited $8.98 billion in foreign reserves from the previous government, bringing clarity to a long-standing debate over the actual amount handed over during the transition.
The issue had sparked public discussion, with officials from both the current and former administrations presenting conflicting figures regarding the state of the nation’s reserves at the time of the handover.
Addressing the Ghana–EU Business Forum in Accra, President Mahama put the matter to rest by acknowledging the $8.98 billion figure. He also noted the positive impact of rising reserves on the stability of the national currency.
“The Ghanaian cedi, which depreciated by 19.2% in 2024, has begun to recover, appreciating by 3.9% against the US dollar by the end of April 2025,” he stated. “This recovery has been driven by stronger foreign exchange inflows, an improved trade balance, and increased investor confidence.”
President Mahama further highlighted that the country’s gross international reserves had grown to $10.6 billion as of April 2025, up from $8.98 billion at the end of 2024.
