President John Dramani Mahama has said metropolitan, municipal and district assemblies (MMDAs) under his leadership are to be empowered to raise their own funding through the issuing of bonds for infrastructural projects such as roads.

He said the measure is intended to address the persistent lack of funding for local projects such as roads, markets, schools and other public infrastructure.

Speaking at the 9th Ghana CEO Summit in Accra on Monday [May 26, 2025] President Mahama noted that the over centralisation of development financing has slowed progress across the country and limited the capacity of local authorities to respond to the needs of their communities.

“We will empower MMDAs to raise funds independently for infrastructure by issuing bonds tied to credible, bankable projects,” he told the gathering of business leaders.

The President added that the move would require changes to the Public Financial Management Act and constitutional provisions governing public finance.

“This is not just about giving power, it is about making the system work. Districts know their priorities better. If you wait for Accra to fix your feeder roads, you may wait forever,” he said.

Mr Mahama stated that the bond initiative would be supported by stronger fiscal oversight to prevent misuse.

He recalled measures implemented during his earlier term in office, including the operationalisation of the Ghana Integrated Financial Management Information System (GIFMIS) and the Treasury Single Account.

He said the proposal forms part of an economic reset strategy aimed at restoring stability in public finance, expanding infrastructure, and improving planning certainty for investors.

He also criticised the previous administration for what he described as the “reckless dismantling” of financial safeguards, which he argued contributed to the country’s debt crisis.

President Mahama said he believes local development should be driven from the ground up. “A vibrant district economy is the foundation of a strong national economy,” he said.