Ghana won't return to conditions that triggered 2022 debt crisis – Ato Forson

Finance Minister Dr Cassiel Ato Forson has assured that Ghana will adopt a disciplined approach to borrowing and financing under its cooperation with China.

He said the government would only support projects that are economically justified, transparently procured and capable of delivering measurable benefits to the Ghanaian economy.

Ato Forson made the remarks on Monday, August 24, at the opening of the Fifth Session of the Ghana–China Joint Commission.

“Ghana will proceed with discipline. We will not borrow simply because financing is available. Every project must be economically justified, transparently procured, and capable of supporting growth, generating revenue, and reducing costs,” he said.

The Finance Minister said infrastructure projects financed through Ghana-China cooperation must contribute directly to economic productivity and the country's ability to repay its obligations.

He cited roads, railways, power plants and industrial enclaves as examples of projects that must create jobs, increase exports and strengthen the economy.

Ato Forson also said Ghana would diversify its financing sources while protecting debt sustainability.

He stressed that the government would avoid policies that could return the country to the conditions that contributed to the 2022 debt crisis.

Beyond infrastructure financing, the Minister said Ghana was seeking to deepen trade with China by processing more of what the country produces locally.

“Ghana’s priority is to process more of what we produce and export more value-added goods, including processed cocoa, to China,” he said.

He said the government is also seeking investments that would establish factories, facilitate technology transfer, support Ghanaian businesses and develop the skills of Ghanaian workers.

According to Ato Forson, such investments would help create sustainable jobs while strengthening Ghana's productive capacity.