“So There Was Money in Ghana”: John Mahama Shades Erstwhile Akufo-Addo Government

• President John Dramani Mahama disclosed that the government is largely using internally generated funds for its major projects
• Speaking at a community engagement in Koforidua, President Mahama wondered why his predecessor claimed there was no money
• The President assured Ghanaians that the stabilisation of the economy will serve as the foundation for economic growth and job creation

President John Dramani Mahama has expressed disbelief at earlier claims by the erstwhile Akufo-Addo government that Ghana did not have the financial resources for the development of the country.

According to President Mahama, his administration is currently funding major projects mainly through internally generated revenue.

The President was speaking at a community engagement in Koforidua, Eastern Region, on Saturday, May 2, 2026.

President John Mahama said several ongoing initiatives, including market projects under the 24-hour economy policy and road construction works, are being financed without relying heavily on external borrowing.

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"So, there was money in Ghana, and we didn’t know. It is surprising," he said.

“These projects, including ongoing and inherited ones, are being paid for with our own internally generated funds,” he added.

Government pursues economic growth and job creation

Meanwhile, President John Dramani Mahama indicated that the government has resorted to the Eurobond markets, insisting that only limited external support has been accessed.

"The only additional sources of funding are the Agricultural Development Bank (ADB) and the International Monetary Fund (IMF) programme we had already signed onto. They are the only ones that have injected some funds so far."

He also talked about the Cedi's performance, denying claims of any instability.

"The cedi, they said, was ‘arrested’ and handed over to the IGP, broke jail and escaped. Under our administration, we have stabilised the cedi by putting it on a drip and feeding it with good food. Then we allowed it to fight for itself to recover," he said on a lighter note.

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President Mahama said the current economic stability has become the foundation for the subsequent phase of the policy, which is focused on growth and job creation.

He revealed plans to introduce a new policy framework that would allocate 1% of Ghana’s Gross Domestic Product (GDP) annually to sectors with high job-creation potential.

"Now that we have stabilised the economy, the focus is shifting to growth and jobs," he said.

Source: YEN.com.gh