Mahama acknowledges receiving $8.98 billion in reserves from the previous administration.

By acknowledging that his government inherited roughly $9 billion ($8.98) in reserves from the previous administration, President John Dramani Mahama has essentially put an end to the amount of reserves his administration inherited.

The amount of reserves that remained and whether the country’s foreign exchange reserve had been totally depleted have been the subject of a back-and-forth discussion between officials from the two governments.

Speaking at the Ghana–EU Business Forum opening in Accra, President Mahama admitted that his government had been bequeathed $8.9 billion in reserves, but he also acknowledged that Ghana’s current total reserves of $10 billion were having an impact on the Cedi’s recent gains versus the US dollar.

By the end of April 2025, the Ghanaian cedi had recovered from its 19.2% depreciation in 2024, rising 3.9% versus the US dollar. Stronger foreign exchange inflows, better trade balancing, and rising investor confidence have all helped with this,” he said.

“From $8.98 billion in December 2024 to $10.6 billion by April 2025, our gross international reserves have improved further,” the president continued.