President John Dramani Mahama has dismissed suggestions that Ghana should quickly return to the international capital market, insisting that the country’s economic recovery is proof it can thrive without borrowing.
Addressing journalists at the Presidential Media Encounter on Wednesday, September 10, he said his administration’s priority remains fiscal discipline, prudent spending, and consolidating recent gains rather than seeking external financing.
“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 reporters.
The President pointed to key economic indicators as evidence of progress. Inflation, which stood at 23.8% in December 2024, has dropped to 11.5% as of July 2025—the lowest in nearly four years—while prices of basic goods and services have begun to fall. He noted that for the first time in years, businesses are advertising price reductions, signaling a more stable marketplace.
Mahama also highlighted international recognition of the turnaround, citing S\&P Global Ratings’ upgrade of Ghana’s credit risk from junk to B- with a stable outlook. He said the move reflects renewed investor confidence and validates the government’s reforms.
“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 stressed, adding that true recovery is measured by improvements in household welfare, not just figures on paper.
He concluded that government would continue its reform agenda—reducing waste, investing in priority sectors, and safeguarding stability—before any decision is made about re-entering the global borrowing market.
