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President John Dramani Mahama, has cautioned that Ghana must put a stop to reckless borrowing and spending to move the country forward.
In a speech at the National Economy Dialogue (NED) on March 3, 2025, President John Dramani Mahama emphasised the need for Ghana to stop reckless borrowing and spending.
He recalled that when he assumed office, he inherited an economy in crisis, plagued by unprecedented debt levels, inflation, unemployment, and low business confidence.
President Mahama stated that Ghana’s financial struggles resulted from years of financial mismanagement, irresponsible borrowing, and reckless spending.
According to him, excessive borrowing without a clear plan for repayment has led to a significant increase in Ghana’s debt.
“When I assumed office barely 2 months ago, I inherited an economy in a deep state of crisis. The economy was suffering from an unprecedented level of debt, causing inflation, unemployment, and low business confidence,” he indicated.
He further stressed that the government must not undermine the country’s progress with excessive spending and that every cedi spent must deliver tangible value to Ghanaians.
“The financial struggles did not arise overnight; rather, they have been a result of several years of financial mismanagement and irresponsible borrowing and reckless spending.
We must never allow reckless and excessive government spending to undermine our progress; every cedi spent must deliver tangible value to Ghanaians.”
