Dr Edem Segbefia has delivered a message to the grassroots of the National Democratic Congress during an interactive visit to the Western Region, highlighting what he described as significant reforms and recovery in Ghana’s financial sector under the administration of John Dramani Mahama.
He conveyed greetings and provided an update on ongoing efforts by President Mahama to stabilise and strengthen the financial system, which he noted directly affects households, businesses, and communities across Ghana.
According to him, the government is delivering tangible results, adding that the financial sector—previously described as unstable and under severe pressure—has now regained stability, growth, and public confidence.
Dr Segbefia stated that before the current administration, the banking sector faced serious challenges, including heavy debt burdens, weak infrastructure, and threats of institutional collapse, but said the situation has since improved significantly.
He further explained that key macroeconomic indicators have shown notable progress, citing currency stabilisation as one of the major achievements, with the cedi reportedly appreciating against major international currencies in 2025.
He also pointed to a significant drop in inflation, noting that price pressures on food and essential goods have eased considerably. According to him, this has improved living conditions and strengthened the purchasing power of ordinary citizens.
On interest rates, he indicated that borrowing costs have declined, with Treasury bill rates and commercial lending rates falling significantly. This, he said, has improved access to credit for businesses and eased financial pressure on the private sector.
Dr Segbefia further highlighted improvements in fiscal discipline and debt management, stating that public debt levels have reduced while government credibility with international partners has been restored through prudent fiscal measures and debt servicing.
He added that Ghana’s external position has strengthened, with increased international reserves, improved trade balances, and stronger foreign exchange inflows from exports and remittances contributing to overall economic stability.
Concluding his remarks, he urged party members and grassroots supporters to remain patient and continue supporting the government’s economic agenda, arguing that sustained cooperation would ensure long-term progress and shared national benefits.
