We’ve survived without borrowing, no quick return to capital market – Mahama
President John Dramani Mahama has ruled out an immediate return to the international capital market, despite recent signs of economic stability under his administration.
For him, government’s focus remains on fiscal discipline and expenditure rationalisation, rather than rushing back to external borrowing.
“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,” President Mahama stated during the Presidential Media Encounter on Wednesday.
He explained that reforms implemented in recent months have allowed government to reorder spending, directing funds into priority sectors while cutting back on what he described as needless public expenditure.
According to him, these measures have delivered tangible gains, particularly in stabilising the economy and sustaining growth.
He stressed that the administration would continue consolidating the recovery before considering any re-entry to the international capital markets.
“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.
Ghana’s access to international markets has been restricted since its sovereign debt default in 2022, forcing government to rely heavily on domestic revenue mobilisation, multilateral support and fiscal adjustments.
