Finance Minister Dr Cassiel Ato Forson says Ghana will adopt a more disciplined approach to borrowing to safeguard debt sustainability and avoid a repeat of the debt crisis that forced the country into a major restructuring exercise.
Speaking at the Fifth Session of the Ghana–China Joint Commission on Economic, Trade and Technical Cooperation, Dr Forson stressed that the availability of financing would no longer be enough reason for Ghana to take on new debt.
“We will not borrow simply because financing is available,” he said.
According to the Finance Minister, every project financed through Ghana’s cooperation with China must first be economically justified and transparently procured, while also delivering measurable benefits to the economy.
He said projects involving roads, railways, power plants, industrial enclaves and other major infrastructure must contribute to productivity, job creation and export growth.
“Every project must be economically justified, transparently procured, and capable of supporting growth, generating revenue, and reducing costs,” Dr Forson stated.
He added that Ghana would also assess whether proposed investments could strengthen the country’s ability to meet its repayment obligations.
Dr Forson said the government intends to diversify its sources of financing while maintaining strict controls over new borrowing.
“We will diversify our financing sources, protect debt sustainability, and avoid a return to the conditions that led to the 2022 debt crisis,” he said.
