‘We have survived without borrowing’ – President rules out quick international capital markets return

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 during his first Presidential Media Encounter on Wednesday, the President said his administration’s priority is to strengthen fiscal discipline and streamline government spending rather than seek new 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 told journalists.

Mr Mahama explained that reforms undertaken in recent months had enabled the government to reorder its expenditure, focusing resources on critical sectors while cutting down what he described as wasteful public spending.

According to him, these measures have yielded “tangible gains” by stabilising the economy, maintaining growth, and restoring confidence in fiscal management.

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.

Ghana has been locked out of international capital markets since its sovereign debt default in 2022, which forced the country to rely heavily on domestic revenue mobilisation, multilateral support and fiscal adjustments.