Ghana’s economy recovering without external borrowing – Mahama

President John Dramani Mahama has stated that Ghana’s economy is proving resilient without relying on international capital markets for borrowing.

Speaking at a Presidential Media Encounter with journalists from various media houses, Mahama emphasised that the country’s ability to stay off external borrowing demonstrates sound economic planning and fiscal discipline.

"We have survived without going to the capital markets. We've survived without borrowing. Who could have thought some years ago that Ghana's economy could be run without going to the external market to borrow, and yet we've survived," he said.

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The former president explained that his administration achieved this by cutting unnecessary expenditures and directing resources toward critical areas of national interest.

He credited the economic recovery to strict fiscal discipline and prudent management of resources.

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“All we've done is to reorder our expenditure and push funds to areas that are our priority. That’s all we've done, fiscal discipline, not spending money on wasteful political interventions,” he added.

Mahama highlighted the results of these measures, noting Ghana’s fiscal balance has improved significantly.

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He pointed out that the primary balance had shifted from -3.4% to a positive 1.1%, with projections indicating the country could surpass the 1.5% target by the end of the year.

He, however, cautioned against a premature return to external borrowing, stressing that Ghana should not rush back to the international markets.

By Lucy Mawufemor Kpeglo