President John Dramani Mahama has ruled out an immediate return to the international capital market, emphasizing that Ghana has managed to stabilize its economy without external borrowing.
Speaking at a media encounter on Wednesday, September 10, he highlighted that the administration’s focus has been on fiscal discipline, prioritizing essential expenditures, and cutting unnecessary spending.
Mahama pointed out that recent reforms have delivered tangible results for citizens, including a significant drop in inflation from 23.8% in December 2024 to 11.5% in July 2025, and falling prices across key commodities, positively impacting households.
He stressed that the real measure of recovery is the improvement felt by Ghanaians in daily life, not just statistics.
The President also noted that global credit rating agency S\&P has upgraded Ghana’s credit rating from junk to B- with a stable outlook, signaling renewed investor confidence.
“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.
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.
In a significant endorsement of Ghana’s economic recovery efforts, global credit rating agencies, S&P Global Ratings, have upgraded Ghana’s country credit risk from junk to B- with a stable outlook, reflecting renewed investor confidence and a positive momentum in economic management.”
Mahama concluded that while the economy shows signs of recovery and stability, the government will continue consolidating gains before considering any return to international borrowing.
