Finance Minister Dr. Cassiel Ato Forson has reaffirmed the government’s commitment to economic stability, assuring banks that sufficient financial buffers have been built to meet all obligations under the Domestic Debt Exchange Programme (DDEP) this year.
Speaking at a high-level meeting with over 22 Managing Directors of banks, Dr. Forson emphasized fiscal responsibility, policy coordination, and disciplined financial management as key pillars of Ghana’s economic recovery.
“We do not intend to default,” he stated. “All outstanding holdouts have been paid, and we have put in place the necessary buffers to ensure that every single DDEP obligation for this year will be met.”
Fiscal discipline and financial stability
Dr. Forson explained that the government has strengthened its fiscal position through strategic investment cuts and prudent resource allocation. Goods and services expenditure has been reset to 2023 levels, while efforts are underway to achieve a primary surplus of 1.5%—a critical step toward restoring economic stability.
Additionally, he announced plans to introduce a fiscal responsibility rule in Parliament, setting a debt ceiling that the Ministry of Finance cannot exceed. The measure is aimed at preventing excessive borrowing and reinforcing long-term financial discipline.
Easing market pressure
Beyond ensuring timely DDEP payments, the Finance Minister highlighted steps being taken to reduce the government’s reliance on the Treasury bill market. By strengthening coordination between fiscal and monetary policies, the government aims to stabilize interest rates and ease liquidity pressures on the banking sector.
The meeting was attended by Bank of Ghana Governor Dr. Johnson Asiama and Ghana Association of Banks (GAB) President, Mr. Kwamina Asomaning. Dr. Asiama welcomed the government’s assurances, describing them as a positive signal ahead of his first Monetary Policy Committee (MPC) meeting. Mr. Asomaning, who is also the CEO of Stanbic Bank Ghana, commended the Minister for a well-received budget and pledged the banking sector’s support in deepening financial inclusion and strengthening capital markets.
A message of stability and partnership
Dr. Forson reiterated that the government has learned from past economic challenges and remains focused on stability, collaboration, and responsible financial decision-making.
“We have built the necessary buffers to meet our obligations, and we will work with you to ensure a stable and prosperous economy,” he told the banking executives.
As Ghana navigates its economic recovery, the government is positioning fiscal discipline at the center of its strategy, aiming to restore confidence in the financial sector and prevent the recurrence of instability seen in previous years.
