Ghana moves from unsustainable debt to moderate risk for first time since 2013 – Ato Forson

Finance Minister Dr. Cassiel Ato Forson has announced that Ghana has moved from an unsustainable debt position to a moderate risk of debt distress for the first time since 2013.

Dr. Forson announced on the floor of Parliament on Tuesday, May 26, while presenting some statutory reports to the House.

The reports included the Annual Report on the Management of the Energy Sector Levies, the Petroleum Holding Fund, the Annual Public Debt Report, and the Public-Private Partnership Report.

Addressing Parliament during the presentation of the Public Debt Report, the Finance Minister said the latest assessment reflected a major improvement in Ghana’s public debt situation.

“Mr. Speaker, I’m proud to inform the House that Ghana, for the first time since 2013, has achieved a moderate risk of debt distress, moving from unsustainable debt to high risk of debt distress and now to a moderate risk of debt distress,” Dr. Forson stated.

He added that the details were contained in the report and would subsequently be discussed by the committee.

The Finance Minister also presented the reconciliation report on the Petroleum Holding Fund for the 2025 financial year, noting that the submission was in fulfillment of requirements under the Petroleum Revenue Management Act.

“Right Honourable Speaker, this happens to be an obligation imposed on us as part of the Petroleum Revenue Management Act that the Minister responsible for Finance must submit a report of the previous year to Parliament detailing what accrued to the state in terms of the petroleum funds and how this amount was used,” he said.

Dr. Forson added that the report provided a detailed account of the petroleum revenues received by the state and how the resources were utilised.

“And so, Mr. Speaker, I’m only presenting a report detailing what was accrued to the state and how we actually utilised the resources,” he added.

The improvement in the country’s debt distress rating is expected to strengthen confidence in Ghana’s economic outlook as the government continues to implement fiscal reforms aimed at restoring macroeconomic stability.

المصدر: MyJoyOnline (GH)