“We refuse to repeat the 2022 debt disaster” – Ato Forson
The government has signalled a shift towards stricter borrowing practices, with Finance Minister Dr Cassiel Ato Forson declaring that Ghana will no longer take on loans simply because funding is available.
Speaking during the Fifth Session of the Ghana–China Joint Commission on Economic, Trade and Technical Cooperation, Dr Forson said future financing decisions would be guided by economic value, fiscal discipline and the country’s long-term debt sustainability objectives.
According to him, every project funded through external financing must demonstrate clear economic benefits and contribute directly to national development goals.
He stressed that infrastructure investments financed through bilateral cooperation must boost productivity, create employment opportunities, increase exports or generate savings that strengthen Ghana’s capacity to meet its financial obligations.
The Finance Minister noted that projects such as roads, railways, power facilities and industrial infrastructure would be subjected to greater scrutiny to ensure they deliver measurable returns to the economy.
His comments come as Ghana continues efforts to stabilise its economy following the debt crisis that culminated in a major restructuring programme in 2022.
Dr Forson said the government remains committed to avoiding a repeat of the circumstances that led to the crisis and will pursue a more prudent financing strategy going forward.
He indicated that Ghana intends to broaden its financing options while maintaining strict controls on public debt levels, ensuring that development projects are aligned with the country’s fiscal capacity.
The minister’s remarks underscore the government’s intention to balance infrastructure development with responsible debt management as it seeks to sustain economic recovery and strengthen investor confidence.
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