By Von Cofie
IMANI Africa President, Franklin Cudjoe, has praised the swift reduction of Ghana’s public debt under Finance Minister Dr. Cassiel Ato Forson, describing it as the fastest turnaround in recent history.
Presenting the 2026 Budget Statement to Parliament on Thursday, November 13, the Finance Minister said the country’s total public debt dropped from GHS726.7 billion, representing 61.8 percent of GDP in 2024, to GHS630.2 billion, equivalent to 45 percent of GDP by October 2025
For the first time in over a decade, we have recorded a negative rate in debt accumulation—from a positive 19.1 percent in 2024 to a negative 13.3 percent in 2025,” he stated.
He attributed this turnaround to fiscal discipline, prudent borrowing, and a stronger cedi, emphasising that these factors have placed Ghana’s public debt on a firm downward path.
Speaking in an interview on Citi FM’s The Big Issue on Saturday, November 15, Cudjoe noted that Ghana’s debt, which had reached alarming levels under the previous administration, has been significantly curtailed in less than a year.
“The difference we must also realise is that when Ato took over, this is the fastest time we’ve actually reduced our debts. You guys [erstwhile NPP government] took us into the deepest hole ever.
Nobody thought we could get out, but this guy came and, within 10 months, virtually took us out quickly. This is the fastest, from 65 percent to about 45 percent. So let’s also give the good shepherd credit,” he said.
Cudjoe contrasted the current administration’s fiscal discipline with the practices of the previous government. He highlighted a culture of indiscriminate spending, where funds were often distributed without proper verification.
“The previous administration was just sharing money like there was no tomorrow. In fact, when they see you and they like your face, they ask you to come for some… They were just sharing the thing. I went to GETFund recently to have a conversation about certain projects of my alma mater.
“The first thing they said was that we will verify, we will evaluate, but note there will be no mobilisation for the contract. I thought it was a fluke until I met Ato a day or two before the budget. I had a conversation and he said, ‘My brother, nobody is doing that again,’” Cudjoe recounted.
