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'Fasten your seatbelts!' - Mahama declares new era of African self-reliance as Ghana's economy surpasses $100bn

'Fasten your seatbelts!' - Mahama declares new era of African self-reliance as Ghana's economy surpasses $100bn

"President John Mahama hailed what he described as a new era for Africa, with Ghana at its forefront, as he praised the country’s economic recovery during his State of the Nation address in Accra on Friday. "The Accra Reset is our continental commitment. It recognises that Ghana's prosperity cannot be separated from Africa's progress. It calls for a fundamental shift in how African nations relate to one another and to the world, from dependence to self-reliance, from fragmentation to integration, and from reactive postures to strategic leadership," stated Mahama. The president pointed to Ghana's rapid growth in his first year back in office as a evidence of sustained growth and strategic investments. "Our economy has grown significantly. In 2025, Ghana's GDP is expected to reach $113 billion, an increase from $83 billion at the end of 2024. This has placed Ghana among the top 10 largest economies in Africa," said Mahama. He also stressed that rather than imposing currency controls, the government had reinforced the cedi to compete with major foreign currencies. "We did not arrest the dollar. We strengthened the cedi to put up a good fight against the other currencies," he noted. "I'm pleased to report to this house that the cedi appreciated by 40.7% against the US dollar, and by 13.9% against the British pound, and by 24% against the euro," he said. Mahama went on to detail plans to bolster security infrastructure amid rising instability in the Sahel region. "To further improve operational readiness, the government will continue to invest in vital defence infrastructure and retooling," he said. He noted that construction of a forward operating base at Ezinlibo along the Western Maritime Corridor is underway, while the Northern Border Security Project, aimed at countering terrorism and transnational crime, is progressing. "This project constitutes the first line of defence against any infiltration and extremist threats coming from the Sahel, and it would significantly strengthen the surveillance of our northern border," he said. He added that there were plans to acquire two new offshore patrol vessels, armoured personnel carriers, protective gear, ammunition, vehicles, strategic drones and advanced communication systems to enhance the operational capability of the Army, Navy and Air Force."