Finance Minister Dr Cassiel Ato Forson says the government has begun setting aside funds to meet a GH¢54 billion Domestic Debt Exchange Programme (DDEP) repayment due next year, as part of efforts to prevent another debt crisis.
Speaking during a working visit by the Vice President, Dr Forson said the government is building financial buffers to ensure it honours its debt obligations and avoids a repeat of the 2022 debt default.
According to him, the government has already secured enough funds to settle two major DDEP payments due this year.
“We paid GH¢10 billion in February, and another GH¢10 billion is due in the first week of August. I am proud to say that we are prepared to make that payment because we have built enough buffers,” he said.
Dr Forson, however, warned that next year’s debt repayments will be far more demanding.
“Next year alone, under the DDEP, we have to service about GH¢54 billion,” he disclosed.
He revealed that GH¢39 billion will be due in a single day in February 2027, stressing the need for early preparations.
“That means we have to begin saving ahead of those bullet payments because we all know the repercussions of not servicing your debt. We saw it in 2022,” he said.
The Finance Minister cautioned against unsustainable borrowing, likening excessive debt to alcoholism.
“The good effect comes early, and the hangover comes later,” he remarked, warning that reckless borrowing provides only temporary relief but leaves long-term economic consequences.
Dr Forson said the government’s fiscal consolidation programme is aimed at restoring economic stability before shifting focus to growth and job creation.
He noted that Ghana has completed about 18 months of a planned two-year fiscal adjustment programme, with six months remaining before the government pivots towards what he described as a “new economy” driven by investment, growth and employment.
“We have always known the problems we inherited would require two straight fiscal years of major consolidation. We have gone through 18 months, and after the remaining six months we will move from shock therapy to a new economy where growth and jobs drive the agenda,” he said.
His remarks come after the Finance Ministry announced the early settlement of a US$700 million Eurobond obligation, following external debt repayments totalling US$1.4 billion in 2025.
Dr Forson said the government’s strategy is to restore fiscal credibility while laying the foundation for sustainable economic growth.
