Ghana faces $6.1bn debt-service burden from 2027 to 2029 due to Akufo-Addo’s DDEP – Haruna Iddrisu

Ghana's Education Minister, Haruna Iddrisu, has warned that the country will face a substantial debt-service burden between 2027 and 2029, amounting to approximately US$6.1 billion. The minister attributes this financial obligation to debt restructuring and Eurobond negotiations that were concluded during the previous administration led by President Nana Akufo-Addo.

Speaking on Joy FM's Super Morning Show, Iddrisu highlighted that these debt-service obligations would continue to strain the country's public finances and limit the resources available for national development.

The International Monetary Fund (IMF) has reportedly assessed Ghana's situation, indicating significant debt-service payments over the next three years. Iddrisu argued that these financial commitments could severely limit the fiscal space for President John Dramani Mahama's administration to fund crucial infrastructure projects, educational investments, and other aspects of the broader national development agenda.

He questioned how much public revenue would remain available for critical national priorities when a significant portion has to be allocated to servicing inherited debt.

In his comments, Iddrisu also challenged the New Patriotic Party's assertions of superior economic management. He maintained that the consequences of borrowing and subsequent debt restructuring under the previous administration would continue to impact Ghana beyond the tenure of the current administration. Iddrisu emphasized that the current government's fiscal challenges must be viewed in the context of the debt obligations it inherited.

He stressed the need for the government to balance debt servicing with investments in essential public services and measures to support economic growth.