Finance Minister Dr. Cassiel Ato Forson has reiterated the government’s commitment to borrowing strictly for transformative projects.
For him, the time for reckless borrowing is over, signaling a new era of fiscal discipline as Ghana works to consolidate recent gains in debt sustainability.
Speaking during a courtesy call by the President of the Arab Bank for Economic Development in Africa (BADEA), H.E. Mr. Abdullah KH ALMUSAIBEEH, Dr. Forson described Ghana’s improving fiscal outlook as an opportunity to reset how the nation finances development.
Although the country’s public debt stock has seen an uptick in recent months, hitting 49.9% of GDP as of the end of August 2025, the situation is far better when compared to the beginning of the year and a year ago.
Accra–Kumasi Motorway: A Top Priority
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The Minister revealed that feasibility studies have begun for a new Accra–Kumasi motorway, which he identified as a top national priority.
The project, expected to be completed within two and a half years, is envisioned as a catalyst for economic integration, reducing travel time on Ghana’s busiest commercial corridor and unlocking growth across multiple regions.
He stressed that such projects embody the government’s renewed focus on channeling scarce borrowing space into infrastructure that drives productivity, trade, and social development, rather than short-term consumption.
“I will not borrow for consumption but for transformative projects like this,” he declared, adding that the priority is investments that leave a lasting economic and social impact.
BADEA’s Support Welcomed
Praising BADEA’s “longstanding blessing” to Ghana, particularly in the social sector, the Minister expressed gratitude for the institution’s consistent partnership. He urged continued collaboration on projects that can deliver lasting dividends for citizens.
In response, BADEA President Mr. ALMUSAIBEEH commended Ghana’s new approach and expressed readiness to support impactful ventures that align with both the government’s reset agenda and BADEA’s development mission.
A Turning Point in Borrowing Philosophy
The remarks mark a significant shift in Ghana’s debt management philosophy. For years, unsustainable borrowing and consumption-led loans eroded fiscal stability, culminating in the IMF-supported programme Ghana is currently under.
Analysts say the Minister’s firm stance signals a recognition that every new dollar borrowed must yield measurable returns, whether through job creation, improved infrastructure, or strengthened social services.
With debt sustainability improving and partners like BADEA reaffirming their support, Ghana now faces a pivotal choice to stay the course of prudence or risk repeating the mistakes of the past.
