Finance Minister Dr Cassiel Ato Forson says Ghana has made significant progress in reducing the share of national revenue committed to servicing public debt.
He said the improvement has eased pressure on government finances and created additional fiscal space to support development priorities.
According to Dr Ato Forson, Ghana previously allocated more than half of its national revenue to debt servicing, severely limiting the funds available for critical sectors such as education, healthcare and infrastructure.
He said the debt-service burden has now fallen to below 20 per cent of national revenue.
“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,” the Finance Minister said in a Facebook post on Saturday, August 22.
“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!”
Dr Ato Forson said the reduction would give government greater room to direct public resources towards essential infrastructure and services while maintaining fiscal discipline.
The development forms part of government’s broader efforts to strengthen Ghana’s fiscal position and restore debt sustainability following years of elevated debt-service pressures.
With a smaller proportion of revenue now going towards debt obligations, the Finance Minister believes government will have more resources available to finance priority development programmes.
The claim also comes as government continues to emphasise improvements in fiscal management and its efforts to create sustainable conditions for economic recovery.
Dr Ato Forson maintained that the reduced debt-service burden represents an important step in freeing up public resources for Ghana’s development needs.
