President John Dramani Mahama has pushed back against previous claims that Ghana was financially constrained, saying recent developments show the country has been relying largely on its own resources to drive major national projects.
Addressing residents during a community engagement in Koforidua on May 2, 2026, he said ongoing government programmes, including market infrastructure under the 24-hour economy initiative as well as road construction projects, are being financed primarily through internally generated funds rather than heavy external borrowing.
“So, there was money in Ghana, and we didn’t know. It is surprising,” he said.
President Mahama added that even inherited projects are being sustained without dependence on large-scale foreign loans.
“These projects, including ongoing and inherited ones, are being paid for with our own internally generated funds,” he said.
According to the President, his administration has also avoided tapping into the Eurobond market, with only a few external support channels currently in use.
“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.
Mahama also used the platform to address concerns around the performance of the cedi, responding to earlier narratives that suggested the currency was unstable.
“The cedi, they said, was ‘arrested’ and handed over to the IGP, broke jail and escaped,” he said.
He went on to describe the steps taken by his government to stabilise the local currency in a lighter tone.
“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.
He further indicated that the current macroeconomic stability is now being used as a base for a stronger focus on economic expansion and employment creation.
Mahama disclosed plans for a new policy direction that would commit 1% of Ghana’s Gross Domestic Product (GDP) annually to sectors identified as having strong potential for job creation.
“Now that we have stabilised the economy, the focus is shifting to growth and jobs,” President John Mahama further stated.
