IERPP Criticizes Finance Minister's Claim of GHS7 Billion Net Borrowing

Dr. Frank Bannor, Executive Director of IERPP, is calling out Finance Minister Dr. Cassiel Ato Forson for his comments on the government's net borrowing of GHS7 billion. Bannor argues that Forson's claim is misleading, as the actual amount borrowed is GHS67 billion.¹

Forson had stated that the net borrowing by the Mahama administration stands at GHS7.1 billion, with total T-Bill bids received since January 10, 2025, standing at GHS89.7 billion. However, Bannor counters that Forson's argument doesn't hold up, as it would mean that former Finance Minister Ken Ofori-Atta never borrowed.

Bannor also questions how Forson can accept credit for successes in external debt forgiveness while absolving himself from honoring government liabilities. The IERPP statement highlights specific examples of government borrowing, including the purchase of $117.3 million equivalent to GHS672 million of the 2023 maturing Eurobond.

Ultimately, Bannor is urging Forson to "spare us the financial rhetoric" and provide a more accurate representation of the government's borrowing.