In a significant announcement, President John Dramani Mahama has revealed that Ghana is set to reopen its bond market after a three-year hiatus. This decision comes as a result of the stable economic conditions being experienced in the country, a testament to the government’s efforts in resetting Ghana’s economy.
Speaking at the ninth edition of the CEOs summit in Accra, President Mahama outlined a comprehensive eight-point agenda aimed at transforming Ghana’s economic landscape. Key among these measures is the reopening of the bond market, which was closed in 2022 following a debt default that necessitated a restructuring programme.
President Mahama emphasized that future borrowings would be tied to self-financing and commercially viable projects led by various government agencies and state-owned enterprises. This strategic approach aims to ensure value for money and sustainable repayments, aligning with the government’s commitment to responsible financial management.
As part of the economic reset, MDAs and MMDAs will be empowered to issue infrastructure and municipal bonds to fund critical projects such as roads, schools, water systems, and local industries. Additionally, the Ghana Exim Bank will be revitalized to support non-traditional exports and boost foreign exchange inflows.
While highlighting the importance of private sector involvement in driving economic growth, President Mahama reiterated the government’s commitment to consulting with key stakeholders in major decision-making processes. This collaborative approach is essential in ensuring a thriving business environment and attracting investment opportunities.
In his address, the Governor of the Bank of Ghana, Johnson Pandit Asiama, reassured the investor community that the recent strength of the Ghana cedi was a result of genuine economic stability, dispelling any doubts about artificial interventions.
The imminent return to the bond market signals a new chapter in Ghana’s economic development, with a renewed focus on sustainable growth and prudent financial management. President Mahama’s bold vision for a futuristic economy holds promise for both domestic and international investors, positioning Ghana as a competitive player in the global market.
As Ghana embarks on this transformative journey, the President’s commitment to transparency, accountability, and collaboration with the private sector will be key in shaping a prosperous and resilient economy for the
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