Finance Minister Dr Cassiel Ato Forson says Ghana has significantly reduced the proportion of its national revenue used to service its public debt.
According to him, the country previously spent more than 50% of its national revenue on debt servicing, leaving limited resources for critical sectors of the economy.
Dr Ato Forson said the situation has now improved, with Ghana spending less than 20% of its revenue on servicing its debt.
In a Facebook post on Saturday, August 22, the Finance Minister said the reduction would create more fiscal space for government to channel resources into essential infrastructure and public services.
“In the past, Ghana spent over 50 percent of its national revenue on servicing debt. This left less money for schools, hospitals, roads and other essential infrastructure,” he said.
“Today, I am proud to say that we have made significant progress. We now spend less than 20 percent of our revenue on servicing debt!”
The Finance Minister’s claim comes as government continues to highlight improvements in Ghana’s fiscal position and efforts to restore debt sustainability.
The reduction in the debt-service burden is expected to provide government with greater room to finance priority development programmes while maintaining fiscal discipline.
