'Ghana not in hurry to go back to the capital market, we've run the economy without borrowing' – Mahama 

President John Dramani Mahama has ruled out any rush to return to the international capital market, stressing that Ghana will instead sustain its development through prudent financial management and disciplined spending.

At his first media encounter on Wednesday evening, the President pointed to recent economic gains achieved without external borrowing as proof that Ghana can fund growth by prioritising investments and maintaining fiscal discipline.

“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,” he said. “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.”

Ghana lost access to international markets in 2022 after ballooning debt, slow growth, and a weakening balance of payments forced the government to seek a US$3 billion IMF bailout. Since then, the country has been implementing reforms under the programme, recording steady progress despite setbacks during the December 2024 elections.

Latest figures show a strong rebound. The economy expanded by 6.3 percent in the second quarter of 2025, driven largely by a 9.9 percent surge in the Services sector. Inflation slowed to 11.5 percent in August, down from 12.1 percent in July, marking the lowest rate in nearly four years and the eighth consecutive month 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,” President Mahama explained.

“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,” he added.

He highlighted progress in fiscal performance, noting that the country has moved from a negative primary balance of 3.4 percent to a positive 1.1 percent, and expressed confidence that Ghana would surpass its 1.5 percent target by the end of 2025.

Looking ahead, President Mahama said the focus should be on consolidating these macroeconomic gains before considering any return to external borrowing.

“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 declared.