President John Dramani Mahama has ruled out any immediate plans for Ghana to return to the international capital market, emphasizing that his government will continue prioritizing fiscal discipline and careful expenditure management.
Speaking at the Presidential Media Encounter on Wednesday, the President highlighted the progress made under his administration, noting that Ghana has managed to sustain economic operations without external debt.
“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 stated.
“We have survived without borrowing. We shouldn’t be in a hurry to go back to the capital market. It is all about fiscal discipline. 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 added.
Mahama explained that recent reforms have allowed the government to channel funds into priority sectors while trimming unnecessary public spending, resulting in measurable improvements across the economy.
“Our approach to economic management goes beyond improving the macroeconomic indicators. It’s about making the Ghanaian household feel the impact in their everyday lives. As the popular saying goes, the real economy is not in statistics but in the pockets of the people,” he said.
He pointed to tangible results, including a dramatic fall in inflation from 23.8% in December 2024 to 11.5% in July 2025—the lowest level since December 2021—and widespread price reductions across key commodities.
“Today we are seeing a stabilization in the price of goods and services. The prices of key commodities are falling, and for the first time in years, brands and businesses are actively advertising their price reductions, a sign that recovery is not only real but tangible,” Mahama noted, adding that trade associations have reported reductions in prices for up to 4,500 items in the market.
The President also cited Ghana’s recent credit rating upgrade by S\&P Global Ratings, which raised the country’s credit risk from junk to B- with a stable outlook, signaling growing investor confidence and international recognition of the country’s economic recovery.
The President stressed that his administration will continue consolidating the gains before considering any re-entry into the international capital markets, ensuring that Ghana’s recovery remains sustainable and inclusive.
