The flagbearer of the National Democratic Congress (NDC) has firmly refuted claims that he pledged to stabilize the faltering local currency within 100 days of taking office.

Contrary to reports that Mr. Mahama made such a promise at the 8th Ghana CEO Summit, a statement released on Wednesday, May 29, and signed by Joyce Bawah Mogtari, his Special Aide and Spokesperson, clarified Mr. Mahama’s actual intentions.

She stated that Mr. Mahama plans to initiate an urgent economic recovery and fiscal consolidation plan following a national economic dialogue, which will be held within the first hundred days of his tenure.

“Mr Mahama, with a deep understanding of the economic challenges confronting the country today, did not promise to stabilise the Ghana Cedi within 100 days. Instead, he laid out a comprehensive plan in his remarks at the 8th Ghana CEO Summit to address the challenges, demonstrating his grasp of the situation.

In his own words, Mahama stated, “Our number one priority will be stabilising the economy and restoring a stable currency. We will launch an urgent economic recovery and fiscal consolidation plan following a national economic dialogue to be held within one hundred days of assumption of office.”

During a press engagement on Friday, May 24, Finance Minister Dr. Mohammed Amin Adam identified three main factors contributing to the cedi's decline.

He attributed the cedi's depreciation to the appreciation of the US dollar on the international market, seasonal demand for foreign exchange, and the recent payment of contractors totaling over GHC40 billion.

As of May 2024, the Ghanaian cedi has depreciated by 14.2%, according to Dr. Mohammed Amin Adam. Despite this depreciation, Dr. Amin emphasized the currency's relative strength.