Finance Minister Dr Cassiel Ato Forson has announced a stricter approach to borrowing, insisting Ghana will only contract financing for development projects that deliver clear, measurable economic benefits.
Dr Forson said the government’s new financing approach aims to protect debt sustainability and ensure the country does not return to the conditions that contributed to the 2022 debt crisis.
He made the remarks during the Fifth Session of the Ghana–China Joint Commission on Economic, Trade and Technical Cooperation, where he outlined the government’s priorities for financing infrastructure and other development initiatives.
“Ghana will now proceed with discipline. We will not borrow simply because financing is available,” Dr Forson stated.
According to him, every proposed project must first be subjected to rigorous economic justification and transparent procurement processes, with a clear demonstration of how it will contribute to Ghana’s economic growth.
He said government would particularly focus on projects capable of increasing productivity, creating jobs, boosting exports, generating revenue or reducing costs for the economy.
“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,” the Finance Minister said.
Dr Forson emphasised that the government’s approach would ensure that borrowed funds are channelled into productive investments rather than projects that place additional pressure on the public purse without generating sufficient economic returns.
He further disclosed that the government would diversify its financing sources as part of efforts to strengthen Ghana’s fiscal position while maintaining debt sustainability.
“We will diversify our financing sources, protect debt sustainability and avoid a return to the conditions that led to the 2022 debt crisis,” he said.
The Finance Minister’s comments form part of the government’s broader effort to strengthen fiscal discipline and ensure that external financing supports projects capable of generating sustainable economic returns.
The Ghana–China Joint Commission provides a platform for both countries to deepen economic, trade and technical cooperation, including discussions on infrastructure, investment and development financing.
Source: expressnewsghana.com
