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.

Speaking at his first Presidential Media Encounter on Wednesday, September 10, the President stressed that his government’s priority is fiscal discipline and prudent expenditure management, not a rush 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,” he said.

Mr. Mahama explained that reforms rolled out in recent months have enabled government to reorder spending, cut wasteful expenditure, and channel funds into priority sectors. These measures, he said, have yielded tangible gains in stabilising the economy and sustaining growth.

He added that Ghana must consolidate these achievements before considering a re-entry into the global 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 emphasised.

Ghana has had no access to international capital markets since its sovereign debt default in 2022, forcing government to rely on domestic revenue mobilisation, multilateral support, and fiscal adjustments to keep the economy afloat.