‘We must never again allow reckless borrowing’ – President Mahama

President John Dramani Mahama has called for fiscal discipline to protect the public purse and prevent Ghanaians from enduring further economic hardships.

According to him, this can only be achieved by ensuring that governments do not resort to reckless borrowing and excessive expenditure, which could undermine the economy.

Addressing the National Economic Dialogue on Monday, 3rd March, President Mahama lamented that he inherited a weak economy that struggled to afford basic necessities from the previous administration, led by President Nana Akufo-Addo.

In his address, the President pledged to revive the economy by focusing on long-term stability rather than short-term solutions driven by personal political interests.

The mistakes of the past must not define our future, and I vow to do everything in my power to steer this nation towards a brighter and more prosperous path. My fellow citizens, I know that the road to economic recovery will be challenging, but we must not relent in our quest to rebuild the Ghana we all want.

ALSO READ: 10 jobs with most 'annoying' workers in Ghana – No.1 will surprise you

He emphasised that his priority is to restore macroeconomic stability by ensuring fiscal discipline across all sectors during his administration:

Under my leadership, the independence of the Bank of Ghana will be safeguarded to implement prudent monetary policies that curb inflation, stabilise our currency, and rebuild our foreign reserves.

We must never again allow reckless borrowing and excessive government spending to undermine our progress.

ALSO READ: WAEC releases all withheld 2024 WASSCE results following high court order

Fiscal responsibility must become the bedrock of our national development strategy, and every cedi spent must deliver tangible value to the Ghanaian people.

President Mahama further stressed the need to reduce single-source government contracts to the bare minimum:

We must review our laws to eliminate excessive waste in the procurement of government supplies and projects. Single-source procurement must be the rare exception rather than the norm. We must also subject government projects above a certain threshold to value-for-money audits.

Additionally, he reaffirmed his commitment to transforming Ghana from an economy heavily reliant on the export of raw materials to one that prioritises value addition.