By Ashiadey Dotse
Finance Minister Dr Cassiel Ato Forson says the government has started setting aside funds to meet a GH¢54 billion repayment under the Domestic Debt Exchange Programme (DDEP) due next year, as part of efforts to prevent another debt crisis and maintain economic stability.
Speaking during a working visit by the Vice President on Thursday, July 9, 2026, Dr Forson said the government had already built enough financial buffers to meet two major DDEP repayments scheduled for this year.
He said the government successfully paid GH¢10 billion in February and is prepared to settle another GH¢10 billion repayment due in the first week of August.
“We are prepared to make that payment because we have built enough buffers to be able to pay that,” he said.
However, the Finance Minister noted that the country’s debt obligations would increase significantly next year, making early preparations necessary.
“Next year alone, we have to service about GH¢54 billion under the DDEP,” he stated.
Dr Forson disclosed that the government would be required to pay about GH¢39 billion in a single day in February next year, stressing the need to begin saving well in advance.
He warned that failing to honour debt obligations could have serious consequences, recalling Ghana’s debt default in 2022 and the economic difficulties that followed.
The Finance Minister said the government was determined to avoid a repeat of that experience by maintaining fiscal discipline and improving financial management.
He cautioned against excessive borrowing and spending without proper planning, describing such an approach as unsustainable.
According to him, the short-term benefits of irresponsible borrowing often give way to long-term economic hardship.
Dr Forson said the government’s focus is to restore economic stability while creating the conditions for sustainable growth and job creation.
He explained that Ghana had already completed about 18 months of a planned two-year fiscal consolidation programme aimed at stabilising the economy.
With about six months remaining, he said the government expects to shift its focus from strict fiscal adjustment to a growth-driven economic strategy.
“We are left with six months, and after that we will move from shock therapy to what I call the new economy, where growth and jobs will drive development,” he said.
His comments come after the Finance Ministry recently announced the early settlement of a 700 million US dollar Eurobond obligation, following external debt payments totalling 1.4 billion US dollars in 2025.
Dr Forson said the government’s overall strategy is to strengthen fiscal credibility, meet its debt obligations on time and lay the foundation for sustained economic growth.