Dr Cassiel Ato Forson, the Finance Minister, has stated that Ghana’s problem has always been borrowing.
According to Ato Forson, the country sometimes borrows just for consumption.
Ato Forson revealed he has no intention to rush back to the international capital market for loans.
He emphasised that Ghana must break the cycle of reckless borrowing, adding that borrowing must be deliberate and growth-focused.
Speaking on Joy News’ PM Express after presenting the 2026 Budget, Dr Ato Forson stated, “It has been Ghana’s problem, borrowing, borrowing, sometimes borrowing for consumption”.
He stressed. “I’m not one of those people. I’m not in a hurry to go to the capital market to borrow, no way. If I’m to take money, obviously there’s a budget, there’s a deficit to a stent, and you have to finance the deficit. I will take it domestically,” he said.
“We should be able to borrow and set up a domestic infrastructure board in cedi, so that you, if you have money and you want to support infrastructure, you should be able to support the government,” he said.
He added, “The appetite is not going into the capital market just to borrow. Like in the past, we saw it 3 billion every year.”
“You want to borrow smart, what does that mean? Borrow for things that you think the multiplier is better,” he said. “Let me put it simpler, not to borrow for shopping, okay, borrow for growth.”
Also, Dr Ato Forson, during the 2026 Budget reading, has told Ghana’s international partners and investors that Ghana is “back, strong, credible, and open for business.”
He stated, “To our international partners and investors, Ghana is back, strong, credible, and open for business. The story of Ghana is no longer one of crisis but of recovery and renewal”.
“The reforms we have undertaken are not quick fixes; they are the foundations of a resilient, competitive, and inclusive economy.”
“Ghana was indeed at the bottom of the abyss, a nation in distress with its economy bleeding and its people weary, yet yearning for leadership with the courage and vision to rebuild,” Dr Forson stated.
Meanwhile, the World Bank has warned the John Mahama-led government not to rush back to the Eurobond market.
According to the World Bank, international investors will see Ghana’s quick return to the World Bank as an easy way out.
The Bank urged the Mahama administration to fix Ghana’s economy to strengthen the country’s fiscal and growth fundamentals, and to convince the private sector that public debt is sustainable.
The World Bank stated, “Importantly, the new administration [Mahama Administration] should also refrain from a hasty return to the Eurobond market, which international investors would interpret as taking the easy way out,” the report said. “Instead, the government should focus on strengthening the country’s fiscal and growth fundamentals and on convincing the private sector… that public debt is on a sustainable path.”
“Sudden macroeconomic stops and crises have led the country to request a record number of IMF programmes, remaining under active IMF programmes for 40 out of its 68 years of history,” the Bank observed.
However, President John Mahama has already echoed during his media encounter that he was not in favour of an early return to the capital market.
According to John Mahama, Ghana has survived without going to the capital markets.
President Mahama stated, “We have survived without going to the capital markets. We’ve survived without borrowing. … As the President, I would not favour a quick return to the international capital market. I think we should go like this for a while and consolidate the economy before we look at external financing.”