Spare us the financial rhetoric – IERPP tackles Finance Minister on GHS7b net borrowing comment

Finance Minister Dr. Cassiel Ato Forson defended his claim that the Mahama government’s net borrowing is only GHS7.1 billion. He explained that out of GHS89.7 billion in T-Bill bids since January 10, 2025, GHS59.5 billion were rollovers of inherited debt, leaving minimal new borrowing.

He highlighted that this approach, along with a sharp drop in the 91-day T-Bill rate from 28.34% to 20.79%, reflects strong investor confidence. However, the Institute of Economic Research and Public Policy (IERPP) sharply criticized his narrative, arguing that the government has effectively borrowed GHS67 billion.

IERPP cited previous debt management operations, including Eurobond buybacks and refinancing, to challenge the minister’s portrayal of prudent debt management, urging him to spare Ghanaians the misleading financial rhetoric.