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President John Dramani Mahama has ruled out an immediate return to the international capital market, despite recent signs of economic stability under his administration.
Addressing journalists during the Presidential Media Encounter on Wednesday, the President said his government’s priority remains on fiscal discipline and expenditure rationalisation, rather than rushing back to 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 remarked.
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President Mahama explained that recent reforms have enabled the government to reorder spending priorities, directing resources into critical sectors while cutting back on what he described as “needless public expenditure.”
According to him, the measures have delivered tangible gains, particularly in stabilising the economy and sustaining growth. He stressed that his administration would continue consolidating the recovery before considering a re-entry into the international capital markets.
“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.
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