Accra: Vice President Prof Jane Naana Opoku-Agyemang has cautioned that Ghana's heavy debt servicing obligations continue to consume resources that could otherwise finance critical infrastructure and socio-economic development projects, reinforcing the need for sustained fiscal discipline and economic reforms. She said while government has made progress in restoring macroeconomic stability, the country's debt burden remains a significant constraint on development financing.
According to Ghana Web, the Vice President made her remarks during a working visit to the Ministry of Finance as part of a series of engagements with Ministries, Departments, and Agencies (MDAs) aimed at strengthening coordination between the Presidency and public institutions responsible for implementing the government's Reset Agenda. The visit provided an opportunity to assess the Ministry's progress, understand the fiscal and operational challenges confronting it, and identify areas where additional support may be required to accelerate Ghana's economic recovery programme.
Progress on economic reforms was discussed, with officials briefing the Vice President on the difficult fiscal situation inherited by the government and outlining measures being implemented to restore macroeconomic stability and improve public finances. The briefing included updates on Ghana's ongoing debt restructuring programme, the successful servicing of Eurobond obligations and other major debt commitments, as well as preparations to meet significant debt repayments scheduled over the coming years. Efforts to restore fiscal discipline by reducing the budget deficit over the medium term were also highlighted as part of broader measures to place the economy on a more sustainable growth path.
The Ministry further outlined a number of reforms aimed at strengthening public financial management and improving the efficiency of public expenditure. These include amendments to the Public Financial Management Act and the Public Procurement Act, the enactment of the Value for Money Act, measures to improve domestic revenue mobilisation, and reforms to restructure the Ghana Cocoa Board (COCOBOD). The Vice President was also briefed on the government's decision to uncap statutory funds, including the National Health Insurance Fund, the Ghana Education Trust Fund (GETFund), and the Road Maintenance Trust Fund, to improve financing for essential public services and infrastructure.
Prof. Opoku-Agyemang commended the Minister for Finance, Dr. Cassiel Ato Forson, Deputy Finance Minister Thomas Nyarko Ampem, and the management and staff of the Ministry for their commitment to implementing reforms aimed at restoring economic stability. She urged the Ministry to remain focused on promoting fiscal responsibility, efficient budgeting, and value addition across the economy to ensure that limited public resources generate the greatest possible impact. The Vice President stressed that prudent management of public finances remains essential to sustaining investor confidence, supporting economic recovery, and creating the fiscal space needed to finance Ghana's long-term development priorities. She expressed confidence that continued implementation of the government's reform agenda would help build a more resilient economy capable of delivering sustainable growth and improved living standards for Ghanaians.