Finance Minister Dr Cassiel Ato Forson says Ghana will not repeat the borrowing practices and financing conditions that contributed to the country’s 2022 debt crisis, as government adopts a more cautious approach to funding development projects.
Speaking at the Fifth Session of the Ghana–China Joint Commission on Economic, Trade and Technical Cooperation, Dr Forson said Ghana would no longer take loans simply because financing was available.
He said future borrowing must be tied to projects with clear economic value, including the ability to improve productivity, create jobs, increase exports, generate revenue or reduce costs.
“Ghana will now proceed with discipline. We will not borrow simply because financing is available,” the Finance Minister said.
Dr Forson specifically mentioned infrastructure such as roads, railways, power plants and industrial enclaves, saying projects financed through borrowing must contribute to economic growth and strengthen Ghana’s capacity to meet its debt obligations.
He also stressed the need for transparent procurement and proper economic justificationbefore borrowed funds are committed to major projects.
The position comes as Ghana continues efforts to rebuild its public finances following the severe economic pressures that culminated in the 2022 debt crisis. Ghana subsequently undertook debt restructuring and implemented fiscal measures under its IMF-supported programme.
The IMF said in its August 2026 country report that Ghana has made significant gains in macroeconomic stability and debt sustainability, although vulnerabilities remain.
Dr Forson said the government would also diversify its sources of financing while maintaining safeguards around debt sustainability.
“We will diversify our financing sources, protect debt sustainability and avoid a return to the conditions that led to the 2022 debt crisis,” he stated.
The Finance Minister’s comments signal an emphasis on making the economic returns of a project a key consideration before government assumes new debt. The approach is particularly relevant as Ghana seeks to finance infrastructure and development while avoiding renewed pressure on public finances.
The challenge, however, will be turning the stated borrowing discipline into consistent practice across government projects. For Ghanaian taxpayers, the central issue is whether future loans translate into measurable economic benefits while keeping the country’s debt burden manageable.
Ghana’s current financing strategy therefore seeks to balance the need for development with the lessons of the 2022 crisis: access to credit alone should not determine whether the country borrows.
