Economic stability not from debt restructuring but leadership – Ato Forson

Finance Minister Dr. Cassiel Ato Forson has dismissed claims that Ghana’s current economic stability is a result of debt restructuring, attributing recent improvements instead to policy direction and leadership.

Addressing Parliament on Friday, Dr. Forson argued that debt restructuring alone could not explain the stability being observed in 2025, noting that the process began several years earlier without producing similar results.

“Let me put it on record that the stability we are seeing is not because of debt restructuring. Debt restructuring started in 2022,” he told the House.

He questioned why the economy failed to stabilise in the years immediately following the restructuring.

“Why is it that the country could not see stability in 2023? Why didn’t we see stability in 2024? Why are we suddenly seeing stability?” the Minister asked, suggesting that recent policy decisions were responsible for the turnaround.

Dr. Forson also rejected suggestions that Ghana was failing to service its debt, describing such claims as inaccurate and misleading. “It cannot be the case that Ghana is not servicing its debt,” he said, stressing that the country had made substantial payments this year.

According to the Finance Minister, the government is servicing total debt obligations amounting to ¢59 billion in 2025 alone.

“This year, we are servicing our debt with 59 billion Ghana cedis,” he stated, adding that ¢8.9 billion was being paid toward external debt while ¢51 billion was allocated to domestic debt servicing.

He explained that previous cedi depreciation occurred during periods when Ghana had defaulted on its obligations.

“In 2023, when we did not service those debts that we defaulted, the cedi depreciated. In 2024, when we did not service the debt, the cedi depreciated,” Dr. Forson said. “So today, if the cedi is depreciating, it is not because we are failing to service our debt.”

The Finance Minister credited President John Dramani Mahama for the current economic direction.

“If you want to share in the glory of President Mahama, please ask permission from President Mahama. President Mahama will gladly allow you to take some one percent of the glory that he is enjoying,” he said, drawing reactions from both sides of the House.

Dr. Forson acknowledged that challenges remain, but maintained that the government was committed to correcting past mistakes.

“We have come far. There is still more work to be done,” he noted, assuring Parliament that further steps would be taken to consolidate economic stability in the coming years.