President John Mahama says under his leadership, excessive borrowing will not be tolerated as it will undermine the country's development.

"We must never again allow reckless borrowing and excessive government spending to undermine our progress," he said during the opening session of the National Economic Dialogue in Accra on Monday, 3rd March.

"Fiscal responsibility must become the bedrock of our national development strategy and every cedi spent must deliver a tangible value to the Ghanaian people. We must review our laws to eliminate excessive waste in the procurement of government supplies and projects," he added.

President Mahama attributed the current economic challenges in the country to excessive borrowing in the past, saying it had contributed significantly to the nation’s financial difficulties.

The National Economic Dialogue, organised to engage various stakeholders, provides a platform for discussions on how to address Ghana’s pressing economic challenges, including high debt levels and inflation.

President Mahama emphasised the importance of developing a robust, sustainable economic framework during the two-day dialogue that would enable the country to achieve long-term prosperity.