Finance Minister, Dr. Cassiel Ato Forson, has clarified that the net borrowing of the Mahama-led government currently amounts to GH¢7.1 billion, largely due to the need to service debts inherited from the previous administration.
Dr. Forson described Treasury bill transactions since President John Mahama took office in January 2025 in a Facebook post on Saturday.
He reported that the government has received a total of GH¢89.7 billion in treasury bill bids, with GH¢59.5 billion accepted as rollovers of existing debt and GH¢30.2 billion rejected.
“For the sake of clarity, the Mahama government’s current net borrowing is GH¢7.1 billion.” He added that this is mainly a buffer for paying off maturing debts that the NPP/Akufo-Addo/Bawumia government has accrued.
Dr. Forson, who was appointed as finance minister on January 22, 2025, emphasized that the Mahama administration has effectively minimized actual debt accumulation through prudent public debt management, which has led to a significant drop in treasury bill rates.
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Furthermore, he highlighted that within 50 days of President Mahama’s leadership, the 91-day treasury bill rate has fallen from 28.34% to 20.79%, which he described as a strong signal of investor confidence in the economy.
“The prudent public debt management measures adopted by the Mahama government have led to a record-high drop in the 91-day T-Bill rate, from 28.34% to 20.79% in just 50 days—an emphatic vote of confidence in the Ghanaian economy by the investor community,” he wrote.
His post came in response to criticisms following an earlier announcement about a “Massive Drop in Treasury Bill Rates.” In that previous post, he outlined the reductions in various treasury bill rates:
• 91-day T-bill: 28.34% to 20.79% (760 basis points drop)
• 182-day T-bill: 28.96% to 22.98% (600 basis points reduction)
• 364-day T-bill: 30.17% to 22.69% (750 basis points cut)
Dr. Forson urged the public to “ignore the naysayers” and focus on the administration’s efforts to reset the economy.
Eii Ghana….we are always paying debt
This is the main reason why Ghana can never improve
if we don’t stop borrowing we wont stop paying debt too