President John Dramani Mahama has emphasised that his administration is not only focused on reducing public debt but is also committed to driving economic transformation.
Speaking at the ongoing African Union Debt Conference in Lomé, Togo, Monday May 12, Mahama, in his role as the African Union’s Champion on Financial Institutions, highlighted that debt should not be seen as a barrier to development. Instead, it should be leveraged to create opportunities and lay a solid foundation for future generations.
“Ghana is committed to rebuilding its fiscal buffers, strengthening our institutions, and fostering inclusive growth. However, our fiscal consolidation should not come at the expense of social protection.
“Our strategy includes safeguarding investments in education, youth empowerment, rural development, improving debt transparency through an independent fiscal council, and expanding the role of the Ghana Infrastructure Investment Fund to attract private capital,” he stated.
The President also called on African leaders to adopt a more responsible borrowing approach that directly addresses the development needs of their populations.
Reflecting on Ghana’s own debt experience, he acknowledged the complexity of the country’s recovery process.
Mahama said “Borrowing must be tied to high-impact projects that deliver tangible results for our people. In Ghana, we are prioritizing value-added agriculture, renewable energy, road infrastructure, digital infrastructure, and the health and education sectors. These areas have significant multiplier effects, creating jobs, exports, and fostering innovation.”
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