The Minister of Finance, Dr. Cassiel Ato Forson, has defended the government’s strategy for settling outstanding debts owed to contractors and other creditors, asserting that the administration is dedicated to a sustainable and transparent process.
He stated that the government inherited GH₵68 billion in arrears, which he noted significantly contributed to the fiscal deficit of 3.9% of GDP.
He emphasized that paying off the entire amount in a single year would have been unfeasible without causing economic instability.
This statement follows concerns raised by experts that the government’s efforts seem overly concentrated on maintaining clean fiscal records while numerous contractors continue to express dissatisfaction regarding delayed payments.
In an interview on Friday, November 14, 2025, Dr. Forson clarified that the initial step was to subject all claims to a thorough audit to validate them before establishing a suitable payment strategy.
“We inherited GHC68 billion, which resulted in a fiscal deficit of 3.9% of GDP. The government cannot disburse 68 billion in one year. Therefore, my first action was to conduct an audit to validate these claims and ensure the strategy I would employ to settle these arrears. Consequently, in the 2025 budget, I allocated GhC13.8 billion for the payment of the arrears.
“To date, I have approximately Ghc12 billion, leaving about GhC1.8 billion remaining. I cannot exceed the GHC13.8 billion that Parliament has authorized.
“In the 2026 budget, I have allocated Ghc25 billion, which I will use to pay that amount and settle the remainder in 2027 and possibly 2028. I believe that within four years, I should be able to clear all the arrears,” he stated.
He further added, “If I manage to make payments this year, by next year, there will be approximately Ghc17 billion left to be paid.”
Dr. Forson presented the Budget Statement for 2026 in Parliament on Thursday, November 13.
