The Minister of Finance, Dr Cassiel Ato Forson, has urged multilateral development banks, including the International Monetary Fund (IMF) and the World Bank, to support debt restructuring efforts across the continent.
His call comes in the wake of significant financial losses suffered by Ghanaian pensioners during the Domestic Debt Exchange Programme (DDEP).
He noted that pensioners endured severe economic hardship due to poor economic management during Ghana’s debt restructuring. While some bilateral creditors have offered relief, major multilateral lenders have yet to extend debt forgiveness.
Speaking after receiving a petition from organisers of the Pan-African Debt Rally at Black Star Square on August 29, 2025, Dr Ato Forson stressed that there should be no exemptions in ensuring comparable treatment across all creditors.
“If the ordinary pensioner had to go through debt restructuring and forego their pension to save the country, why shouldn’t the World Bank also support? I completely agree with you—if we are talking about comparable treatment costs, there should be no exception. There should be no exemption,” he said.
DDEP: Government disburses GH¢9.7 billion to bondholders
He further insisted that foreign lenders must be deliberate in their participation in Africa’s debt relief efforts and contribute meaningfully to alleviating the financial burden faced by African nations.
“Multilateral development banks must also join the debt restructuring efforts and give something back to African countries going through this process. I want to join you in this advocacy. Comparable treatment costs must not be limited to domestic and commercial debt holders or bilateral creditors, it must also extend to multilateral development banks,” he emphasised.
Dr Ato Forson assured that the government would support the call for equity and transparency in debt restructuring.
“My appeal is for you to recognize that the Republic of Ghana will stand with you in this advocacy to ensure all parties observe comparable treatment as we undergo debt restructuring. Look, if you seek equity, you must come with clean hands. It is important for us in government to be transparent in accounting for our debt,” he added.
“Ghana’s debt situation became so severe that even pensioners were affected by the haircut,” – Finance Minister, Cassiel Ato Forson#ghanaweb#ghanawebtv pic.twitter.com/Thk6b9rMAZ
— GhanaWeb (@TheGhanaWeb) August 29, 2025
GhanaWeb's latest documentary, Sex for Fish, that explores the plights of teenage girls in coastal communities, all in an attempt to survive, is out. Watch it below:
Copyright © 1994 - 2025 GhanaWeb. All rights reserved.
