No More Borrowing for Consumption; Only Growth-Driven Projects – Ato Forson

Finance Minister Dr. Cassiel Ato Forson has announced that government borrowing will henceforth be strictly tied to transformative projects that deliver long-term economic and social benefits, as Ghana works to restore fiscal discipline and consolidate debt sustainability.

Speaking during a courtesy call by the President of the Arab Bank for Economic Development in Africa (BADEA), H.E. Abdullah Kh Almusaibeeh, Dr. Forson stressed that borrowing for recurrent expenditure is a thing of the past.

“I will not borrow for consumption but for transformative projects,” he said, emphasizing that such investments are key to strengthening Ghana’s growth trajectory.

He disclosed that feasibility studies are already underway for the construction of a new Accra–Kumasi motorway, a flagship national infrastructure priority expected to be completed within two and a half years. The project, he noted, reflects government’s strategy to channel external financing into ventures that boost productivity, competitiveness, and investor confidence.

For his part, H.E. Almusaibeeh welcomed Ghana’s focus on impactful investments and reiterated BADEA’s commitment to supporting projects that drive sustainable development across Africa.

This development comes as Ghana’s public debt rose by GH¢15.8 billion in July 2025, reaching GH¢628.8 billion ($59.9 billion), equivalent to 44.9% of GDP, according to Bank of Ghana data.