‘We have survived without going to the capital market’ – Mahama rules out quick market return

President John Dramani Mahama has ruled out a quick return to the international capital markets, insisting that his administration’s priority is to consolidate recent economic gains through fiscal discipline and controlled spending.

Addressing journalists at his first Presidential Media Encounter of his second term on Wednesday, Mr Mahama stressed that Ghana had proven it could survive without 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.

The President explained that reforms carried out in recent months had allowed the government to reorder its expenditure, cutting waste while directing resources into critical sectors. He noted that these efforts had yielded “tangible gains” by stabilising the economy, sustaining growth, and restoring investor confidence.

Mr Mahama maintained that he would not favour a quick return to the capital market, stressing that the government’s immediate task was to consolidate recovery before considering new external financing.

Ghana has been shut out of international markets since its sovereign debt default in 2022, relying instead on domestic revenue mobilisation, multilateral support, and fiscal adjustments.

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