Vice President Prof. Jane Naana Opoku-Agyemang has underscored the need for sustained fiscal discipline, warning that Ghana’s heavy debt obligations continue to consume resources that could otherwise be invested in critical national development projects.
According to her, the country’s debt servicing commitments remain a major constraint on infrastructure development and other priority government programmes, making ongoing economic reforms essential to restoring fiscal stability.
Speaking during a working visit to the Ministry of Finance, the Vice President stressed that prudent management of public finances is vital to improving the lives of Ghanaians and achieving the government’s Reset Agenda.
“Every decision made by the Ministry ultimately affects the lives of ordinary Ghanaians, and our responsibility is to ensure that public finances are managed prudently and transparently,” she said.
She noted that significant portions of government revenue continue to be directed towards servicing debt instead of financing development initiatives.
“Resources that could otherwise finance critical development projects are instead being absorbed by the country’s significant debt obligations, underscoring the importance of staying the course on the current reform agenda,” she added.
The visit formed part of the Vice President’s engagements with Ministries, Departments and Agencies to assess progress on government programmes, strengthen coordination and identify challenges affecting policy implementation.
During the meeting, officials from the Ministry of Finance briefed Prof. Opoku-Agyemang on the country’s fiscal outlook, outlining measures being implemented to restore macroeconomic stability and strengthen public finances.
The briefing included updates on Ghana’s debt restructuring programme, recent Eurobond repayments and preparations to meet upcoming debt servicing obligations.
Officials also highlighted ongoing efforts to reduce the fiscal deficit, improve domestic revenue mobilisation and enhance public financial management through key legislative reforms.
Among the reforms discussed were amendments to the Public Financial Management Act and the Public Procurement Act, the implementation of the Value for Money Act, the restructuring of COCOBOD and the uncapping of the National Health Insurance Fund, GETFund and the Road Maintenance Trust Fund.
The Vice President was also briefed on funding for flagship government initiatives, including the Big Push infrastructure programme and plans to operationalise the Women’s Development Bank.
Prof. Opoku-Agyemang commended Finance Minister Dr. Cassiel Ato Forson, his deputy Thomas Nyarko Ampem and staff of the Ministry for their efforts to implement reforms aimed at stabilising the economy.
She urged the Ministry to remain focused on prudent budgeting, value addition and responsible management of public resources to create a more resilient economy capable of delivering sustainable growth and improved living standards for all Ghanaians.
