Finance Minister Dr Cassiel Ato Forson has announced plans to introduce a new Loans Act aimed at tightening control over how Ghana uses borrowed funds, as part of efforts to restore fiscal discipline and protect the economy.
In a Facebook post on Monday, March 30, the Minister said the proposed law will ensure that all loans are tied to projects that deliver clear and measurable benefits.
“As part of this reset, the Government will introduce a new Loans Act to strictly define the use of borrowed funds, ensuring that every loan is tied to high-impact, value-for-money investments,” he stated.
Dr Forson said the move is guided by a simple principle focused on accountability and results.
“Our guiding principle is simple: whatever we borrow must be worth it and must deliver tangible benefits to the Ghanaian people,” he added.
The announcement comes as Ghana continues efforts to stabilise its debt situation following recent economic challenges.
The Finance Minister disclosed that he has recently signed another bilateral agreement as part of the country’s debt restructuring programme.
“I recently signed Ghana’s 11th bilateral debt restructuring agreement, this time with EXIM India,” he said.
According to him, these steps are beginning to yield results, with the country showing signs of improvement.
“We are moving steadily towards a low risk of debt distress, with clear indicators that the worst is behind us,” he noted.
The Finance Minister also gave assurance that the government remains committed to meeting its financial obligations under the restructuring arrangements.
“Our commitment is firm: to honour all restructured obligations on time and to keep debt sustainability at the core of every financing decision going forward,” he said.
He said that the government is determined to avoid a return to past borrowing practices that contributed to the current challenges.
“Ghana will not return to a path of unsustainable borrowing,” Dr Forson stated.
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