Ghana to Repay About GH¢54bn in Debt Servicing In 2027 – Minister
By Maame Efua Kwaduah
Finance Minister Dr Cassiel Ato Forson has disclosed that Ghana is expected to pay about GH¢54 billion in debt servicing obligations in 2027, with a significant portion of the repayment scheduled for February next year.
Speaking during a working visit by Vice President Professor Naana Jane Opoku-Agyemang to the Ministry of Finance Dr Forson said the country’s fiscal situation remained challenging but assured that government was committed to maintaining debt repayment obligations.
He said the government inherited a difficult economic environment in January 2025, requiring major fiscal reforms to restore stability and strengthen public finances.
“We inherited a country with considerable fiscal strain, where the fiscal policy of the state had largely been distorted, and so we required fiscal correction,” he stated.
According to the Finance Minister, the measures introduced by government, although difficult and unpopular, were beginning to produce positive outcomes.
“Our prognosis was just right, and our medication was also good. We can see that the economy is responding to the treatment that we prescribed,” he said.
Dr Forson revealed that Ghana had successfully repaid approximately US$1.4 billion in Eurobond obligations this year, including an early payment made before the end of December to reduce pressure on the 2026 budget.
He added that government had also met a GH¢10 billion GDP-linked bond obligation in February and had set aside enough resources to settle another GH¢10 billion payment due in the first week of August.
The Finance Minister cautioned that failure to manage debt responsibly could return the country to a crisis situation similar to the debt default experienced in 2022.
Dr Forson warned that failure to meet debt obligations could have serious consequences for the economy, citing Ghana’s debt default experience in 2022 as a cautionary example.
He likened excessive borrowing to alcoholism, explaining that while borrowing may provide temporary relief and create short-term benefits, the long-term consequences often become costly and affect the wider population.
The Finance Minister said the government’s fiscal consolidation programme was expected to last two years, noting that after 18 months of implementing strict economic measures, the administration was preparing to shift its focus from stabilisation efforts to policies aimed at driving growth and job creation.
He said the government would transition from what he described as a period of economic “shock therapy” to a new phase focused on expanding economic opportunities, with plans to ease fiscal adjustments by one percent of Gross Domestic Product (GDP) from 2027.
Dr Forson further stressed that the performance of the Ministry of Finance remained critical to the success of the government’s development agenda, adding that the ministry would continue to provide the necessary support to ensure the administration achieved its objectives.
He also announced plans to expand the operations of the Ministry of Finance by bringing the Ghana Revenue Authority (GRA) and the Controller and Accountant-General’s Department onto the Ministry of Finance Campus to strengthen coordination and improve efficiency among key government agencies.
