Mahama announces plans to reopen domestic and international capital markets

President John Dramani Mahama announced plans to reopen capital markets. This includes both domestic and international markets, focusing on the bond market.

He stated that future borrowing will support self-financing, commercially viable projects.

At the Ghana CEO Summit at Kempinski Hotel, he said, “We are working to reopen Ghana's bond markets.” This effort involves collaboration with the IMF, development partners, the Ghana Stock Exchange, and local banks.

Mahama also mentioned empowering Metropolitan, Municipal, and District Assemblies (MMDAs). They will issue infrastructure and municipal bonds for development projects in their districts.

He explained that these bonds would be secured against a portion of their common fund. This funding will support projects like roads, schools, water systems, and local industries.

This initiative is part of eight key measures to help Ghana recover from debt. Mahama emphasized completing the IMF program with discipline as the first measure.

He said they will maintain discipline in government spending and borrowing. The goal is to meet all targets under the Extended Credit Facility program with the IMF.

“We expect to conclude the fourth review of the IMF program in June 2025,” he added. The target is to exit by 2026 and then engage responsibly with the fund.

Mahama highlighted that future borrowing must link to viable projects. This applies particularly to MDAs, MMDAs, and SOEs for sustainable repayment.

Regarding public investment management, he noted an audit by the Auditor-General is underway. They expect his report by May's end to clear legitimate areas transparently.

New projects will be prioritized based on need and available funding. They will align these projects with national interests as well.