Finance Minister Dr Cassiel Ato Forson has revealed that Ghana’s total public debt fell sharply from GH¢726.7 billion in 2024 to GH¢630.2 billion by October 2025, marking one of the largest single-year reductions in the country’s history.
Presenting the 2026 Budget Statement to Parliament on Thursday, November 13, 2025, Dr Forson said the decline reflected strict fiscal discipline, prudent borrowing, and a stronger Ghana cedi.
The minister noted that Ghana recorded a negative rate of debt growth of 13.3% in 2025, down from a positive 19.1% in 2024.
He said domestic debt markets had recovered, with Treasury bill rates falling to 10.7% from 28.9%, the lowest in 14 years, while eurobond yields declined by 300 basis points, restoring investor confidence.
Dr Forson highlighted a government audit of outstanding arrears and payables totalling GH¢68.8 billion, covering unpaid invoices and interim payment certificates. The exercise uncovered GH¢10.4 billion in fraudulent claims. “Without this audit, these claims would have been paid,” he told Parliament, stressing the importance of careful verification.
The audit confirmed GH¢47.8 billion in legitimate claims and flagged GH¢8.6 billion for further review due to incomplete documentation. The minister said the exercise prevented large potential losses and strengthened accountability and expenditure controls across government institutions.
Dr Forson also revealed widespread abuse in Ghana’s import declaration system. Between April 2020 and August 2025, over 525,000 transactions valued at US$83 billion were processed through import declaration forms, yet only 10,440 involved actual imports. About US$31 billion was transferred abroad without any goods entering the country.
“This was not a loophole; it was an organised system for exploitation,” Dr Forson said.
He warned that these practices drained reserves, weakened the cedi, and denied the state revenue needed for schools, roads, and hospitals. Individuals and institutions implicated in the transactions have been referred to the Attorney-General, the Economic and Organised Crime Office, the Financial Intelligence Centre, and the Criminal Investigations Department for investigation.
To prevent future losses, Dr Forson said the government would strengthen monitoring of import-related transfers. The Bank of Ghana will now match every foreign exchange transfer to verified import data.
Looking ahead, the minister pledged to maintain fiscal discipline while protecting priority social spending in education, health, and social protection.
“Our fiscal strategy will match discipline with compassion,” he said, adding that the government targets a primary surplus of 1.5% of GDP in 2026.
