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Dr. Cassiel Ato Forson, the Finance Minister-Designate, has emphasised the critical need for Ghana to meet its repayment obligations arising from the Domestic Debt Exchange Programme (DDEP) and other financial commitments.
Speaking during his vetting before Parliament’s Appointments Committee on January 13, 2025, Dr. Forson underscored the government’s responsibility to honour its debts despite the challenges posed by the restructuring program.
“We have to repay them,” he stated firmly. “In 2025, we will need to repay GH¢12.6 billion as part of the debt exchange obligations. By 2026, this figure increases to GH¢15.7 billion, and in 2027, we will be repaying GH¢53 billion.”
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The DDEP, implemented to address Ghana’s debt crisis, involved the restructuring of domestic bonds and debts. While it aimed to stabilise the economy, it has left the country grappling with significant financial obligations and raised concerns about long-term fiscal sustainability.
Dr. Forson explained that the repayment challenges extend beyond domestic debts to Eurobond commitments, further straining Ghana’s finances.
“In 2026, we will be compelled to pay $1 billion annually for Eurobond obligations. Already, we’ve paid $364 million, and more repayments are imminent,” he disclosed.
The finance minister-designate acknowledged the difficulty of the repayment schedule but assured the public of his commitment to managing the process responsibly.
“We cannot ignore these obligations; they must be repaid. But our approach will be strategic, ensuring that we protect the economy while fulfilling our commitments,” he noted.
Dr. Forson pledged to implement fiscal measures that prioritise expenditure control and minimise waste, enabling the government to allocate resources effectively for debt repayment and economic recovery.
The finance minister-designate highlighted the importance of fiscal discipline and collaboration with development partners to access affordable financing and support long-term growth.
“We must look within and manage our expenditures prudently. At the same time, we’ll work with development partners to raise cheaper financing options to meet our obligations,” he added.
