Finance Minister Dr. Cassiel Ato Forson has revealed that completing 55 stalled projects abandoned by the previous government will take at least 12 years due to financial constraints arising from the IMF-supported program and bilateral creditor debt restructuring.
Presenting the 2025 Budget Statement in Parliament on Tuesday, March 11, Dr. Forson explained that the ongoing debt restructuring has created a severe financial burden, leaving approximately $3 billion in undisbursed loans and $300 million in unpaid bills and outstanding interim payment certificates (IPCs).
Due to these financial difficulties, several critical infrastructure projects have been halted, including:
- Effia Nkwanta Regional Hospital
- Kejetia Market Phase 2
- Bolgatanga-Bawku-Pulimakom Road Project
- Tema-Aflao Road Project
Dr. Forson acknowledged the urgency of completing these projects but stressed the limitations imposed by Ghana’s financial agreements.
“Mr. Speaker, the IMF-supported program imposes an annual disbursement ceiling of US$250 million for official bilateral loans,” Dr. Forson noted.
“This constraint means that it will take a minimum of 12 years from the recommencement of disbursements to complete these 55 stalled projects. We will be engaging in the coming days to resolve this.”
Despite the setbacks, the finance minister assured that the government is actively engaging stakeholders to find alternative funding sources to accelerate project completion.
However, given the strict disbursement ceilings, finding a viable solution remains a significant challenge. The government will continue negotiations to ease financial constraints and ensure the timely completion of essential infrastructure projects.
With Ghana’s development at stake, all eyes are on the administration’s next steps in addressing these pressing financial and infrastructural challenges.
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