Finance Minister Dr. Cassiel Ato Forson has announced that the government will introduce a fiscal responsibility rule in Parliament, establishing a debt ceiling that the Ministry of Finance must not exceed.
This measure, he explained, aims to reinforce fiscal discipline and restore macroeconomic stability.
Dr. Forson shared this during a high-level meeting with over 22 Managing Directors of banks on March 20, 2025, where discussions centered on economic recovery, fiscal consolidation, and financial sector stability.
“We are implementing significant investment cuts and reverting goods and services expenditure to 2023 levels. Our goal is clear: to achieve a primary surplus of 1.5% as we consolidate our progress and restore confidence.
“As part of our fiscal discipline efforts, we will present a fiscal responsibility rule to Parliament—setting a debt ceiling that the Ministry of Finance cannot exceed,” Dr. Forson stated in a Facebook post.
Regarding the Domestic Debt Exchange Programme (DDEP), the Finance Minister reassured that the government has no plans to default.
“We do not intend to default. All outstanding holdouts have been settled, and we have built sufficient buffers to fully meet our DDEP obligations this year,” he emphasized.
He also highlighted strategies to reduce reliance on Treasury bills and improve coordination between fiscal and monetary authorities.
“We are also taking deliberate steps to reduce our reliance on the Treasury bill market and strengthen policy coordination between fiscal and monetary authorities. Stability is our priority, and we will not return to the turbulence of 2022. We will not be reckless,” he assured.
Dr. Forson acknowledged the crucial role of the banking sector in Ghana’s economic transformation and reaffirmed the government’s commitment to working closely with financial institutions.
The meeting was attended by the Governor of the Bank of Ghana, Dr. Johnson Asiama, who is set to chair his first Monetary Policy Committee (MPC) meeting next week. His presence, alongside his deputy, the finance minister said signaled a renewed synergy between fiscal and monetary policies.
Mr. Kwamina Asomaning, President of the Ghana Association of Banks (GAB) and CEO of Stanbic Bank Ghana, also commended the government’s budget, highlighting positive market reception and pledging the banking sector’s support in financial inclusion and capital market development.
