The Minister of Finance, Dr. Cassiel Ato Forson, has stated that the government is committed to cutting expenditures to reduce the country's fiscal deficit and public debt.

According to him, this approach will ensure that the country experiences the financial freedom and opportunities that come with being debt-free.

While presenting the 2025 Budget Statement and Economic Policy to Parliament on Tuesday, March 11, 2025, the Finance Minister said, "Mr. Speaker, Ghanaians, through the recent National Economic Dialogue, have expressed a clear desire for the fiscal deficit and public debt to be reduced through cuts in government spending rather than solely through tax measures. We wholeheartedly agree."

"Mr. Speaker, going forward, we will tailor our expenditures to align with our fiscal realities. After all, 'whoever pays off their debt gets rich,’" he stated.

Ghana is expected to pay approximately GH¢150.3 billion in debt service by 2028.

Dr. Forson acknowledged that this poses significant financial challenges for the country.

However, he assured Ghanaians that the government is determined to address these issues.

"These humps are cancerous and pose significant risks to the economy, but we shall fix them!" he declared.

The debt service obligation for this financial year is also substantial, with significant payments due in February (GH¢9.9 billion), July (GH¢6.2 billion), and August (GH¢10.1 billion).

Meanwhile, the Finance Minister has indicated that efforts are underway to restore fiscal responsibility through enhanced public financial management.

SA/MA

Watch Ato Forson break down debts Ghana must pay in 4 years