Policy analysts and legal practitioners urged President John Dramani Mahama’s administration January 3 to focus on sustaining economic gains rather than celebrating recent improvements, warning that real challenges lie ahead over the next three years.
Kofi Bentil, Vice President of IMANI Africa, stated on TV3’s Keypoints programme that Ghana’s recent economic improvements, while positive, remain limited and therapeutic primarily because of the change in administration rather than specific policy interventions. Even if this government did nothing, the change itself was therapeutic. The real challenge is what happens in the next three years, Bentil explained.
The analyst noted that although the Domestic Gold Purchase Programme operated by Ghana Gold Board (GoldBod) has achieved results, its impact on the cedi has been modest. GoldBod has done something, but the effect on the cedi is less than 10 percent. Globally, the dollar has depreciated, Bentil stated. It is not surprising. The challenges are what happen in the next three years.
Highlighting Ghana’s dependence on gold exports, Bentil added that because Ghana’s exports are so dominated by gold, and exports are an important factor in exchange rate movements, observers must bear in mind that gold prices rose over 70 percent in 2025 alone. He flagged concerns over budget allocations, noting GoldBod’s undisbursed 2025 budget allocation of USD 279 million would last less than one year.
Private legal practitioner Martin Kpebu told economic managers not to celebrate yet regarding recovery progress, emphasizing that sustainability is key rather than short term improvements. No time for celebration. It’s the sustainability that is key. If we can do this for one year, two years, three years, that is when we can say we are on track, Kpebu stated, according to reports from 3News.
Former Member of Parliament for Asante Akim North, Kwame Andy Appiah Kubi, advised Executive Director of Global InfoAnalytics Mussa Dankwah to widen the scope of his research on Mahama administration performance. Appiah Kubi pointed out that limiting surveys to just cost of living will not bring out comprehensive assessments of government achievements or challenges.
The caution from analysts comes as President Mahama enjoys a 67 percent job approval rating according to Global InfoAnalytics data released late December 2025. The rating remained unchanged from the previous quarter, signaling consistent public satisfaction with his leadership spanning all regions, including areas typically aligned with opposition.
Despite strong approval numbers, partisan divide remains evident. Ninety three percent of National Democratic Congress (NDC) supporters approve of presidential performance, compared to only 28 percent of New Patriotic Party (NPP) voters. Among floating voters, Mahama maintains a 69 percent approval rating. While disapproval has seen a slight 2 percent uptick to 24 percent, overall standing remains strong.
Much of the government’s popularity appears tied to economic performance perceptions. The 2026 budget presented by Finance Minister Cassiel Ato Forson has been well received, with 66 percent of voters expressing satisfaction according to the Global InfoAnalytics survey.
Bentil cautioned that just like every president, Mahama has enjoyed a good approval rating in his first year. However, he emphasized that the real test will be how the next three years of the administration are managed, particularly as initial goodwill from the political transition begins to fade.
Ghana’s economy showed signs of recovery in 2025 following years of fiscal stress that required International Monetary Fund (IMF) intervention and comprehensive debt restructuring. Inflation declined from 23.8 percent to 6.3 percent over 11 consecutive months through December 2025, while the cedi appreciated more than 35 percent against the US dollar, marking the first sustained appreciation since 2007.
Foreign reserves reached approximately USD 12 billion in 2025, up from USD 9 billion in 2016, according to Bank of Ghana and GoldBod figures. The institution attributes reserve growth partly to gold purchasing operations supporting foreign exchange accumulation and cedi stability.
Government settled a USD 709 million Eurobond obligation December 30, 2025, described by the Finance Ministry as a major milestone in Ghana’s economic recovery and debt management strategy. The latest payment brought total Eurobond repayments made in 2025 to approximately USD 1.4 billion under the country’s debt restructuring memorandum.
Building on the Eurobond repayment, the Finance Ministry stated government will intensify reforms in domestic revenue mobilization, public financial management, and public debt management. These measures aim to strengthen fiscal buffers supporting future debt service obligations while sustainably financing development agendas.
Government appealed to Ghanaians for continued forbearance and cooperation as additional economic reforms are rolled out in 2026 to consolidate gains achieved in 2025. A New Year’s Eve statement issued December 31, 2025, declared that 2026 will be a stronger year, urging citizens to look ahead with renewed hope as economic stabilization efforts begin yielding results.
However, analysts warn that positive indicators in 2025 resulted partly from favorable external conditions including record high gold prices exceeding USD 2,700 per ounce at year end, global dollar weakness, and IMF program credibility effects. Sustaining improvements will require addressing structural challenges including limited export diversification, persistent fiscal deficits, and high debt servicing costs.
Budget execution capacity remains a concern. The 2025 budget projected revenue of GHS 218.1 billion against expenditure of GHS 267.2 billion, leaving a financing gap requiring careful management. Whether the 2026 budget projections of 4.4 percent growth and reduced spending to 20.7 percent of gross domestic product (GDP) materialize depends on implementation discipline and external economic conditions.
Youth unemployment officially stood at 32.8 percent according to Ghana Statistical Service data, representing a persistent structural challenge requiring sustained policy attention beyond short term economic stabilization measures. Creating the 250,000 agriculture jobs targeted in the 2026 budget will test government capacity to translate policy ambitions into implementation results.
Bentil emphasized that Ghana’s economic trajectory over the next three years will determine whether current improvements represent genuine transformation or temporary relief driven by favorable external circumstances and political transition effects. The sustainability question, he noted, applies equally to cedi stability, inflation control, debt management, and broader economic governance reforms.
Whether Mahama’s administration can maintain high approval ratings while implementing potentially difficult reforms needed for long term economic sustainability will test political will and policy coherence throughout the remaining term. Analysts suggest early 2026 represents a critical period for establishing implementation patterns that will shape economic outcomes through 2028.
