Ghana will no longer be spending over $15 million annually on renting properties for its foreign missions abroad, President John Dramani Mahama has said.

"This is not a judicious use of taxpayers' resources,” he said, as he announced a new policy, known as the Strategic Transition from Rental to Developing (STRIDE), that is meant to ensure state ownership of buildings for embassies and consulates abroad.

President Mahama said his cabinet had approved the policy and funding mechanisms were being negotiated.

A transaction advisor has been appointed and standard designs for the buildings had been developed, he added.

He made the remarks this week during the swearing in of newly appointed ambassadors and envoys.

"Serve with humility, courage and excellence. May your tenure bring renewed favour to Ghana, progress to our people and dignity to every Ghanaian, both at home and abroad," the president said.

"You carry with you the hopes of a nation. May your service strengthen Ghana's standing, advance our interests and deepen the dividends of democracy and development for our people," he said.