President John Dramani Mahama has made clear that Ghana will not be rushing back to the international capital markets, despite recent signs of stability in the economy under his leadership.
Speaking at his first Presidential Media Encounter on Wednesday, the President stated that rather than looking for new external borrowing, his administration’s first objective is to improve fiscal restraint and cut government spending.
“We have survived without going to the capital market. We have survived without borrowing. Who would have thought some years ago that Ghana’s economy could be run without external debt financing, and yet we have survived,” he told journalists.
Mr. Mahama clarified that recent changes had allowed the government to reallocate its spending, reducing what he called unnecessary public spending and concentrating resources on vital areas.
He claims that by stabilizing the economy, sustaining growth, and reviving trust in fiscal management, these actions have produced “tangible gains.”
He insisted that his government would not favour a hasty return to the markets, stressing that the focus must be on consolidating the recovery before re-engaging external investors.
“We have survived without borrowing. We shouldn’t be in a hurry to go back to the capital market. It is all about fiscal discipline. For me as President, I will not favour a quick return to the capital market. We must consolidate our economy first before seeking external financing,” he added.
Since its sovereign debt default in 2022, Ghana has been shut out of global finance markets, forcing it to rely mostly on fiscal adjustments, multilateral assistance, and domestic income mobilization.
