KEY POINTS
- Mahama says Ghana won’t rush back to borrowing.
- Reforms have stabilised growth and restored fiscal confidence.
- 2022 debt default forced focus on domestic revenue.
Ghana’s President John Dramani Mahama says his administration will not rush back to the international capital markets, despite early signs of economic stability under his leadership.
Speaking at his first Presidential Media Encounter on Wednesday, Mahama said his priority is fiscal discipline and tighter spending controls rather than seeking fresh external debt.
Focus on fiscal discipline over borrowing
“We have survived without going to the capital market. We have survived without borrowing,” Mahama told journalists. “Who would have thought some years ago that Ghana’s economy could be run without external debt financing, and yet we have survived.”
Tangible gains from reforms
The president credited recent reforms with stabilising the economy, maintaining growth, and restoring investor confidence. He said the government had redirected resources toward critical sectors while cutting what he described as wasteful spending.
Recovery before capital market re-entry
Mahama insisted Ghana should consolidate its recovery before re-engaging international investors.
“We shouldn’t be in a hurry to go back to the capital market. It is all about fiscal discipline,” he said.
Ghana has been shut out of the markets since its 2022 sovereign default, forcing reliance on domestic revenues, multilateral support, and fiscal adjustments.
