Minister of Finance, Dr Cassiel Ato Forson, has criticised the use of borrowed public funds for non-essential government expenditure, insisting that loans contracted by the state should be directed towards projects that deliver tangible benefits to Ghanaians.

Speaking on Citi FM on Friday, July 24, 2026, the Finance Minister said he was disappointed after assuming office and discovering that some loans approved by Parliament had been diverted from their intended purposes to finance expenditure such as the purchase of vehicles, conferences and foreign travel.

Ghana is being invited to borrow, but we are not in a hurry - Finance Minister

According to him, government borrowing must be tied to productive investments that support national development rather than recurrent spending that places an unnecessary burden on taxpayers.

"And I got one of the things I got disappointed with when I went to the Ministry of Finance was when I noticed that public money, loans as contracted and approved by Parliament, has largely been used not for the core mandate of which Parliament has approved but also to be used to buy cars, conferences and all those things."

Dr Forson stressed that the government remains committed to financing priority projects but would not support the use of borrowed funds for avoidable expenditure.

"Those are the ones that we went out for, not the core jobs. For those key jobs, we're ready to do it."

He argued that borrowing should never be used to fund activities such as consultancy services and overseas conferences, particularly because such loans must eventually be repaid by the Ghanaian taxpayer.

"But I cannot sit down and just be paying for what do you call it, consultancy, travel abroad for conferences and their loans. For God's sake, you pay back. For God's sake, you are going to borrow."

Drawing a comparison with personal financial responsibility, the Finance Minister suggested that individuals would not ordinarily borrow money to finance extravagant lifestyles, adding that the government must exercise the same discipline in managing public finances.

"Bernard, I doubt you go and borrow to live large. I doubt you do that."

Dr Forson further disclosed that the Ministry of Finance has strengthened its oversight role to ensure that ministries, departments and agencies do not commit the government to debt without proper approval.

According to him, the ministry is determined to safeguard public finances by scrutinising borrowing decisions and ensuring that loans are used strictly for their intended developmental purposes.

"The Ministry of Finance is asserting itself as the protector of government payers to the extent that even other ministries need to be authorised to commit the government to any type of debt. That is the work of a Ministry of Finance."

NA/BAI