Dr Cassel Ato Forson is the Minister of Finance
Finance Minister, Dr Cassiel Ato Forson, has stated that he has no intention of rushing Ghana back to the international capital market for loans.
He has argued that the country must break its long-standing cycle of excessive and imprudent borrowing.
Speaking on Joy News’ PM Express on November 13, 2025, Ato Forson said external borrowing has weakened the economy over the years.
“It has been Ghana’s problem, borrowing, borrowing, sometimes borrowing for consumption,” he said.
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He emphasized that the days of frequent and unrestrained foreign borrowing are over.
“I’m not one of those people. I’m not in a hurry to go to the capital market to borrow, no way,” he added.
According to the minister, any borrowing undertaken under his leadership will focus on domestic options.
“If I’m to take money, obviously there’s a budget, there’s a deficit to an extent, and you have to finance the deficit. I will take it domestically,” he explained.
Ato Forson said Ghana must invest in building its own financing structures, particularly for infrastructure development.
He proposed the establishment of a domestic infrastructure board funded in cedis, which would allow individuals and institutions to invest directly in national projects.
“We should be able to borrow and set up a domestic infrastructure board in cedi, so that if you have money and you want to support infrastructure, you should be able to support government,” he said.
He argued that such a model would be safer and more cost-effective than relying on volatile international markets.
Although he acknowledged that some future liability management may require limited external engagement, he insisted that the era of routine large-scale borrowing must end.
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“The appetite is not going into the capital market just to borrow. Like in the past, we saw it three billion every year”, he stated.
Dr Forson noted that any borrowing going forward must be strategic and targeted at promoting economic growth.
“You want to borrow smart. What does that mean? Borrow for things that you think the multiplier is better. Let me put it simpler: not to borrow for shopping, okay borrow for growth”, he indicated.
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