Ghana faces a massive GH¢150.3 billion domestic debt service obligation over the next four years, a situation that threatens to tighten liquidity and put pressure on government finances.
According to the 2025 Budget Statement, the country’s debt repayment schedule is heavily concentrated in 2027 (GH¢57.6 billion) and 2028 (GH¢52.5 billion), creating what Finance Minister Dr. Cassiel Ato Forson described as “cancerous humps” that could destabilize the economy if not managed properly.
In addition, Ghana must roll over GH¢111.1 billion in treasury bill maturities weekly, further straining cash flow and increasing reliance on short-term borrowing to sustain government operations.
Rising Debt, Limited Fiscal Space
The heavy debt servicing burden means fewer resources for infrastructure, social services, and economic development. With the government currently restricted to domestic borrowing due to ongoing debt restructuring, access to credit for businesses and the private sector could also be affected, slowing economic growth.
“We have inherited a domestic debt service obligation that is simply unsustainable,” Dr. Forson told Parliament. “These humps in 2027 and 2028 are cancerous to the economy, but we shall fix it.”
