A member of the Economic Sub-Committee for the National Democratic Congress' (NDC) 2024 campaign team, Isaac Adongo, has revealed that a key priority for the next NDC administration will be to realign and revamp Ghana’s financial system.

He emphasized that the goal is to strengthen Ghana's capital market, enabling both the government and local businesses to access international borrowing opportunities.

While the NDC plans to drive a 24-hour economy as part of its efforts to revive the struggling economy, Adongo stressed that restoring Ghana’s credibility on both the domestic and global capital markets is also a top priority for the party.

Addressing students at Tamale Technical University on Saturday, September 21, 2024, the Bolgatanga Central MP explained that  “even though we are doing all of this using 24-hour economy to make sure that we are able to expand production, some of the measures that we are introducing would be to refocus and reset the financial system. We want to bring back the capital market both domestically and internationally.”

He explained that the initiative would be imperative in resuscitating the ailing economy “because it becomes a benchmark for Ghanaian businesses that want to borrow abroad.”

“So, we need to build instruments that will bring back the confidence in the capital market. Now we cannot build the confidence in the capital market if we don’t address the challenges within the global financial system,” he added.

Ghana has over the past two years been prevented from going onto the international market to raise dollars from investors, due to rising debt levels, slow economic growth and low balance of payment account.

Government was shut out of that market after; it announced that it is working to restructure debts owed commercial creditors.

The Eurobond holders also disclosed that, government was undertaking some measures which will protect investors’ funds. It was expected that the conclusion of the debt restructuring was going to restore some market confidence.

Other financial observers, however, warned that it will not be prudent for government to immediately rush to the capital market to raise funds in dollars considering the country’s debt levels.

This, they argued, could have a negative impact on the economy since Ghana was forced to go to the International Monetary Fund (IMF) for bailout due to over borrowing.