John Dramani Mahama, the National Democratic Congress (NDC) presidential candidate, has committed to overhauling Ghana’s borrowing practices and boosting transparency in debt management.
Speaking at a campaign event in Dodowa, Shai-Osudoku, Mahama outlined his plan to revise the Public Financial Management Act to set a strict limit on external borrowing and introduce quarterly updates on the nation’s debt-to-GDP ratio.
Mahama criticized the current lack of clarity in debt reporting, explaining that the public only receives debt information during budget announcements.
He proposed transforming the Finance Ministry’s debt management unit into an independent Debt Management Authority, which would regularly publish debt statistics.
In addition, Mahama pledged to legislate a cap on borrowing—such as a 60% GDP limit—within the revised Public Financial Management Act.
This move aims to prevent future finance ministers from excessively accumulating debt, ensuring a more sustainable fiscal future for Ghana’s younger generations.
