President John Dramani Mahama (L) and Former President Nana Addo Dankwa Akufo-Addo (R)
President John Dramani Mahama has expressed surprise at earlier claims suggesting that Ghana lacked financial resources, stating that his administration is currently funding major projects largely through internally generated revenue.
Speaking at a community engagement in Koforidua on May 2, 2026, the President said that ongoing initiatives, including market projects under the 24-hour economy policy and road construction works, are being financed without relying heavily on external borrowing.
“So, there was money in Ghana, and we didn’t know. It is surprising,” he said.
“These projects, including ongoing and inherited ones, are being paid for with our own internally generated funds,” he added.
‘We are aggressively pursuing economic growth and job creation’ – Mahama
President Mahama noted that his government has not turned to Eurobond markets, adding that only limited external support has been accessed.
“The only additional sources of funding are the Agricultural Development Bank (ADB) and the International Monetary Fund (IMF) programme we had already signed onto. They are the only ones that have injected some funds so far,” he explained.
He also addressed the performance of Ghana’s currency, pushing back against earlier narratives of its instability.
Here are the drivers of Ghana’s exchange rate stability – Dr Asiama details
“The cedi, they said, was ‘arrested’ and handed over to the IGP, broke jail and escaped,” he said.
“Under our administration, we have stabilised the cedi by putting it on drip and feeding it with good food. Then we allowed it to fight for itself to recover,” he said on a lighter note.
According to the President, the current economic stability has created a foundation for the next phase of policy, focused on growth and job creation.
He revealed plans to introduce a new policy framework that would allocate 1% of Ghana’s Gross Domestic Product (GDP) annually to sectors with high job-creation potential.
“Now that we have stabilised the economy, the focus is shifting to growth and jobs,” he said.
VPO/SEA
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