Ghana’s stalled infrastructure projects could take up to 12 years to complete due to an IMF-imposed annual disbursement ceiling of $250 million on official bilateral loans, Finance Minister Dr. Cassiel Ato Forson has disclosed.
Presenting the 2025 Budget to Parliament, he stated that a total of 55 major projects have come to a halt as a result of the country’s ongoing debt restructuring efforts. These include critical projects such as the Effia Nkwanta Regional Hospital, Kejetia Market Phase 2, Bolgatanga-Bawku-Pulimakom road project, and Tema-Aflao road project.
According to him, Ghana currently has $3 billion in undisbursed loans for these projects, and $300 million in outstanding interim payment certificates (IPCs). However, the IMF’s restriction on new loan disbursements means only $250 million per year can be accessed, significantly slowing the pace of completion.
“The IMF-supported Programme imposes an annual disbursement ceiling of $250 million for official bilateral loans. This constraint means that it will take a minimum of 12 years from the re-commencement of disbursements to complete these 55 stalled projects,” he explained.
Notwithstanding Dr. Forson assured Ghanaians that discussions are ongoing to explore alternative financing mechanisms that could help accelerate project completion. “We will be engaging, in the coming days, to resolve this,” he assured.
