President John Mahama says Ghana’s economy has proven resilient without resorting to external borrowing, crediting fiscal discipline, and restructured spending for the turnaround.
Speaking during his media encounter on Wednesday, September 10, he said his government has managed to sustain the economy without tapping international capital markets.
“We are quite happy with the outcomes of the reforms that we have been implementing in the economy, and 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.
The president stated that the government has prioritised prudent spending, cutting wasteful political programs while channelling funds into key sectors.
He pointed to the country’s fiscal balance as evidence of progress.
“We’ve gone from negative 3.4% on the primary balance to positive 1.1% as at now. And by the end of the year, I’m sure we’ll overachieve the target of positive 1.5%,” Mahama said.
He stressed that Ghana should not rush back to external borrowing despite improvements in the economic outlook.
“As the President, I would not favour a quick return to the international capital market. I think we should go like this for a while and consolidate the economy before we look at external financing,” he said.
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