Terkper defends 2025 budget, urges alternative debt solutions

Presidential Advisor on the economy, Seth Terkper, has defended the 2025 budget, emphasizing its austerity measures as necessary to address Ghana’s external debt and prevent default between 2026 and 2028.

Speaking at a farewell event for Simon Madjie, the new CEO of GIPC, Terkper warned of financial risks if debt is not repaid or refinanced. Madjie reaffirmed the government’s commitment to attracting investments, particularly in agribusiness, manufacturing, and the 24-hour economy.

Meanwhile, Finance Minister Dr. Cassiel Ato Forson highlighted Ghana’s external debt burden, noting that the country must pay $8.7 billion in debt servicing over four years, with major payments due in 2027 and 2028.