Ghana now spends less than 20% of revenue on servicing debt– Dr Ato Forson
The Finance Minister made the remarks at the signing of an agreement between the Governments of Ghana and Belgium to restructure debt owed to Belgium’s export credit agency.
Dr Cassiel Ato Forson, Ghana's Minister for Finance, revealed that the West African nation now spends less than 20% of its revenue on debt servicing, a significant decrease from around 50% in previous years. This shift in expenditure has freed up resources that were once allocated to debt repayment, allowing the government to invest more in essential services like education, healthcare, and infrastructure development.
Dr Forson expressed pride in Ghana's progress, stating that the reduced debt servicing burden has enabled the country to create "considerable fiscal space" for the allocation of funds to public infrastructure and social services that directly benefit the lives of Ghanaians. He emphasized the government's commitment to preventing a recurrence of the unsustainable debt situation, asserting that the established fiscal rules would be legally enforced, regardless of the political party in power.
Dr Forson's remarks came during the signing of a debt restructuring agreement between the governments of Ghana and Belgium, aimed at alleviating Ghana's debt obligations to Belgium's export credit agency.
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