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Finance Minister Dr. Cassiel Ato Forson has disclosed that the government is set to settle GH¢137 billion in treasury bill maturities by the end of 2025, representing a significant portion of short-term debt obligations inherited by the current administration.
Delivering the 2025 Mid-Year Budget Review in Parliament on Thursday, July 24, Dr. Forson painted a stark picture of Ghana’s fiscal outlook, revealing that the country is burdened with GH¢67 billion in arrears and GH¢194 billion in contract-related commitments.
“We inherited not just a broken economy, but one already drowning in imminent obligations,” he stated. “GH¢137 billion in treasury bill maturities is not a projection; it is a reality we must face in the immediate term.”
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Despite the weight of these short-term liabilities, the minister assured Parliament that the government remains committed to honouring all maturities as they fall due. He emphasised that there are no plans to default on payments, adding that refinancing options are being explored cautiously and strategically.
“Our objective is to meet these obligations while gradually reducing reliance on high-interest, short-term borrowing,” he said.
Dr. Forson also outlined future repayment schedules, noting that Ghana will be required to make repayments of GH¢20 billion in 2026, GH¢50.3 billion in 2027, and GH¢45.8 billion in 2028.
These commitments come against the backdrop of the 2023 Domestic Debt Exchange Programme (DDEP), which shook investor confidence and caused losses for institutions and individuals, particularly pensioners.
However, the Finance Minister stressed that lessons from the DDEP have informed the government’s current debt management strategy, which seeks to ensure fiscal sustainability while restoring credibility to the treasury market.
“Our focus is on negotiated, strategic financing that gives us room to manage debt without repeating past mistakes,” he said.
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