By Benjamin Nii Nai Anyetei
President John Mahama has declared that Ghana will not be rushing back to the international capital markets despite signs of economic stability under his administration.
Speaking at his first Presidential Media Encounter on Wednesday, the President stressed that the government’s priority is to strengthen fiscal discipline and streamline public spending rather than seek new external borrowing.
“We have survived without going to the capital markets. 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,” Mahama told journalists.
The President explained that recent reforms have enabled the government to reorder expenditure, cut down on wasteful spending, and channel resources to critical sectors. He said these measures have yielded “tangible gains” by stabilising growth and restoring investor confidence.
Mahama insisted his administration would not favour a hasty return to international investors, emphasising that the focus must be on consolidating the recovery first.
Ghana has been locked out of global capital markets since its sovereign debt default in 2022, which forced the country to rely on domestic revenue mobilisation, multilateral support, and fiscal adjustments to stabilise its economy.
