Finance Minister Dr Cassiel Ato Forson defended the government’s 2027 budget after Parliament presented it, arguing that a large portion of public funds is being directed toward settling inherited debt rather than new spending.
Speaking on Joy News’ PM Express on Thursday, November 12, Forson highlighted that the government has already paid GH¢41 billion to holders of bonds under the Domestic Debt Exchange Programme (DDEP), a figure that aligns with the Finance Ministry’s August 2026 disclosure of GH¢41.36 billion in payments since 2025.
He warned that ignoring financial obligations could plunge Ghana back into an economic crisis and stated, “I’m spending, but you see, people don’t appreciate it.” He added that the government’s priority is to pay debts that have fallen due, restore confidence in the market, and move the country away from crisis.
The 2027 budget projects total government expenditure of GH¢389.2 billion, with GH¢100.4 billion earmarked for capital expenditure, GH¢61 billion for interest on domestic and external debt, GH¢104.1 billion for employee compensation and GH¢13.9 billion for arrears clearance.
Forson also announced plans to settle GH¢29 billion in DDEP principal due in February 2027 ahead of schedule, and to pay a US$590 million Eurobond obligation due in January 2027 by December 31, 2026. Together, these repayments are expected to clear more than GH¢36 billion in debt before maturity.
He stressed that responsible financial management requires meeting outstanding commitments before taking on additional expenditure, saying, “I have my obligations. One, pay your debt; enough of what will be left, you will use it for others.”
Forson’s comments come as the government seeks to balance development ambitions with the need to preserve the economic gains achieved so far.
