Finance Minister Dr Cassiel Ato Forson says Ghana will adopt a more disciplined approach to financing development projects as the government works to protect debt sustainability and avoid a repeat of the country’s recent debt crisis.
Speaking at the Fifth Session of the Ghana–China Joint Commission on Economic, Trade and Technical Cooperation, Dr Forson said the government would no longer contract loans simply because financing was available.
“We will not borrow simply because financing is available,” he said.
The Finance Minister explained that projects seeking government financing must be economically justified, transparently procured and capable of delivering clear benefits to the economy.
He said infrastructure projects such as roads, railways, power plants and industrial enclaves must contribute to productivity, create jobs, increase exports, generate revenue or reduce costs.
“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,” Dr Forson stated.
He added that government would also diversify its sources of financing while maintaining a strong focus on debt sustainability.
According to him, the approach is intended to ensure that borrowed funds translate into tangible economic gains and do not place unnecessary pressure on the country’s finances.
“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.
