Finance Minister Dr Cassiel Ato Forson has announced that Ghana will adopt a more disciplined approach to financing development projects as the government seeks to protect debt sustainability and prevent a recurrence of the country’s 2022 debt crisis.
Speaking during the Fifth Session of the Ghana–China Joint Commission on Economic, Trade and Technical Cooperation, Dr Forson said the government would no longer contract loans simply because financing was available.
“Ghana will now proceed with discipline. We will not borrow simply because financing is available,” he said.
The Finance Minister stressed that projects financed through borrowing must be economically justified, transparently procured and capable of contributing to economic growth, generating revenue or reducing costs.
He said major infrastructure projects, including roads, railways, power plants and industrial enclaves, would be expected to deliver measurable economic benefits.
“Any road, railway, power plant, industrial enclave or other infrastructure financed through this cooperation must improve productivity, create jobs, increase exports and strengthen Ghana’s ability to repay its obligations,” Dr Forson said.
He further indicated that the government would diversify its sources of financing while maintaining a strong focus on debt sustainability.
According to him, the approach is intended to ensure that Ghana does not return to the financial conditions that contributed to the country’s debt crisis in 2022.
“We will diversify our financing sources, protect debt sustainability and avoid a return to the conditions that led to the 2022 debt crisis,” he stated.
