The President, John Dramani Mahama says Ghana is not in a hurry to return to the international capital market to borrow to fund its development goals, but will continue to manage its finances prudently.
He explained that the recent macroeconomic improvements without resorting to external borrowing demonstrated the country’s capacity to grow its economy by investing in priority areas and being fiscally disciplined.
He said this during his first media encounter on Wednesday evening, and quizzed: “Who would have thought some years ago that Ghana’s economy would be run without going to the external market to borrow? … yet we’ve survived.”
“So, we shouldn’t be in a hurry to go back to the capital market. I will not favour a quick return to the capital market,” President Mahama stated.
Ghana was locked out of international capital market in 2022 due to soaring debt levels, sluggish economic growth, and a weak balance of payments, leading to the country going for a US$3 billion loan facility with the International Monetary Fund (IMF).
Since the implementation of the programme, there have been some recovery, with markable improvements in the past eight months, following some slippages during the December 2024 national elections.
According to the Ghana Statistical Service, the economy grew by 6.3 per cent in the second quarter of 2025, a growth that was fuelled by expansion in the Services sector, which recorded a 9.9 per cent growth rate.
The rate of inflation slowed to 11.5 per cent year on year in August from 12.1 per cent in July, the lowest inflation rate in almost four years and the eighth month in a row of decline.
“Prudent and people-centred economic management plan has resulted in the removal of nuisance taxes, stabilisation of the exchange rate, and a reduction in the cost of doing business,” the President said.
“All we’ve done is to reorder our expenditure and push funds to areas that are our priority – fiscal discipline – not spending money on wasteful political interventions, and that is already showing the successes in the market,” the President said.
He noted that the country has moved from negative 3.4 per cent on the primary balance to a positive 1.1 per cent, expressing confidence of exceeding the 1.5 per cent target by the end of 2025.
President Mahama indicated that what the country needed was to consolidate the gains made with respect to the macroeconomy for a while before resorting to external financing.
“We’re here to reset Ghana, to restore the soul of our nation, to revive its economy, reignite the spirit of hope and possibility in every Ghanaian,” he said.
