Ghana’s Finance Minister, Honourable Cassiel Ato Forson, has addressed allegations of reckless borrowing by the newly inaugurated administration led by President John Dramani Mahama. These allegations were raised by Nhyiaeso Member of Parliament, Dr. Stephen Amoah, who claimed that the government had borrowed GHS 59 billion within its first fifty days in office.
Responding to these assertions, Minister Ato Forson took to Facebook to clarify the government’s borrowing activities. He detailed that since January 10, 2025, the government received total bids amounting to GHS 89.7 billion through Treasury bills (T-bills). Of this, GHS 59.5 billion represented rollovers of existing debts inherited from the previous administration, while GHS 30.2 billion in bids were rejected. The net borrowing, therefore, stands at GHS 7.1 billion, which serves primarily as a buffer for servicing maturing debts accumulated by the former NPP-led government. Ato Forson emphasized that this approach results in virtually zero net debt accumulation under the current administration.
Supporting the Finance Minister’s statements, reports indicate that in January 2025, the government borrowed GHS 38.45 billion via T-bills, against GHS 40.57 billion offered by investors. The Treasury had initially targeted GHS 28.41 billion, with maturities amounting to GHS 31.14 billion.
These figures suggest that the borrowing aligns with the government’s strategy to manage existing debts rather than accumulating new ones recklessly. Minister Ato Forson has urged the public to disregard the opposition’s speculations, reaffirming the administration’s commitment to prudent financial management.
As the government continues to navigate the nation’s economic challenges, transparency in fiscal operations remains crucial. The Finance Minister’s clarification aims to provide Ghanaians with accurate information regarding the country’s debt status and the administration’s efforts to maintain fiscal responsibility.
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Source: Myjoyonline