Cassiel Ato Forson, Ghana’s Finance Minister-designate, has outlined plans to avert the mistakes that led to the country’s recent debt crisis, including a painful domestic debt exchange and a restructuring of its Eurobonds.
During his vetting by Parliament’s Appointments Committee on Monday (13 January), Ato Forson revealed his intention to establish an independent debt management office to oversee the country’s fiscal health.
Addressing the committee, Forson acknowledged the severe toll the past financial missteps have taken on the nation, admitting the difficulty of the domestic debt exchange and the necessity of restructuring the country’s Eurobonds.
“It is sad to know that the country has gone through very difficult debt exchange, domestic… It’s also sad to note that we had to restructure our Eurobonds,” he said.
However, Forson expressed optimism, stating that the establishment of an independent debt office will help ensure these errors are not repeated.
Yet he warned that there are pressing issues that must first be tackled. “In order not to repeat the past mistakes, we intend to establish an independent debt management office but in the meantime, we have a major harm that we have to deal with.”
A significant payment of GHC6.8 billion is due by 18 February 2025, and Forson reassured the committee that the Ministry of Finance is already preparing to make the payment. He stressed that managing the nation’s finances responsibly remains his top priority.
“My responsibility is to make sure what has happened in the past does not repeat and so I will do just that. I will work with the Ministry of Finance, I will work with our development partners and we’ll do whatever it takes to avoid a second wave of the crisis we faced in 2022. That I can assure you,” Forson concluded.
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