Ghana's Finance Minister Defends Debt-First Strategy, Asks Critics: 'Do You Want Me to Crash the Country Again?'

Ghana's Finance Minister Dr Cassiel Ato Forson has issued a combative defence of the government's fiscal approach, telling critics demanding higher public spending that prioritizing debt repayment is essential to prevent a return to the economic crisis that necessitated Ghana's 2022 debt restructuring.

Speaking on Joy News' PM Express on Thursday, November 12, shortly after presenting the 2027 Budget to Parliament, Dr Forson disclosed that the government has paid GH¢41 billion to holders of bonds under the Domestic Debt Exchange Programme (DDEP) since 2025, describing the outlays as part of the difficult financial inheritance from the previous Akufo-Addo administration .

"I'm spending, but you see, people don't appreciate it," Dr Forson said. "You see, I have this house that I have inherited from President Akufo-Addo's government, and a large economic management team. These are debts that we have inherited. Do you want me to crash the country again? Do you? I can't" .

The GH¢41 billion figure aligns with the Finance Ministry's August 2026 disclosure that total DDEP payments since 2025 had reached GH¢41.36 billion, following a GH¢10.8 billion coupon payment made on August 18, 2026 . The DDEP, launched in December 2022 after Ghana lost market access, restructured approximately GH¢137 billion in domestic bonds held by banks, insurers, pension funds and individual savers .

Debt Burden Dominates Budget Framework

Dr Forson's remarks came against the backdrop of the 2027 Budget, which projects total government expenditure of GH¢389.2 billion, equivalent to 21.6% of GDP . Of that amount, GH¢61 billion is earmarked for interest payments—GH¢51.5 billion for domestic obligations and GH¢9.5 billion for external debt—while GH¢100.4 billion has been allocated for capital expenditure . Employee compensation accounts for GH¢104.1 billion, the single largest expenditure line, with GH¢13.9 billion set aside for arrears clearance .

The government projects total revenue and grants of GH¢323.4 billion, leaving an overall cash deficit of GH¢65.8 billion, or 3.6% of GDP .

Beyond the GH¢41 billion already paid, Dr Forson has announced plans to settle GH¢29 billion in DDEP principal falling due in February 2027 ahead of schedule, following an early redemption offer to bondholders. The Cedi Sinking Fund held GH¢29 billion as of November 11, sufficient to cover the principal repayment, the minister said . The government also intends to pay a US$590 million Eurobond obligation due January 2, 2027, by December 31, 2026 . Together, the two repayments would clear more than GH¢36 billion in debt ahead of their maturity dates .

"These are not normal times. I need to take the country off crisis. I need to restore market confidence. I need to pay the debt that has fallen due," Dr Forson said . "I have my obligations. One, pay your debt; enough of what will be left, you will use it for others."

The Road Ahead

The fiscal pressure is far from over. Ghana faces GH¢111 billion in DDEP repayments across 2027 and 2028—GH¢58 billion maturing in 2027 and GH¢53 billion in 2028, according to Ecofin Agency . Dr Forson has previously acknowledged the limits of the restructuring: "The DDEP was not designed to solve Ghana's debt problem. It was designed to postpone it" .

The government's strategy of early redemption and sinking-fund accumulation is intended to demonstrate fiscal credibility and prevent a repeat of the 2022 default. Restrictions on new domestic bond issuance expired in March 2026, allowing Ghana to begin rebuilding its longer-term yield curve—a process that depends on sustained market confidence in the government's willingness to honour its obligations .

For critics demanding greater development spending, Dr Forson's message was unambiguous: responsible financial management requires settling outstanding commitments before taking on new expenditure. Whether that approach delivers the economic stability the government promises—or stifles the growth needed to escape the debt cycle—will define Ghana's fiscal trajectory through 2027 and beyond.