Finance Minister Dr Cassiel Ato Forson has said that the capital market is calling Ghana but they are careful not to heed to the call yet.
According to him, as managers of Ghana’s economy, which he heads, they are not in a hurry to return to the market which was shut out to the country under the previous Akufo-Addo administration.
The Minister, who is currently in Parliament presenting the 2026 Mid-Year Budget Review, assured “I want to assure you, we are not in a hurry”.
Recalling the recent past, Dr Forson told parliamentarians that about three years ago Ghana could not go to the market simply because of it unsustainable debt.
But today due to prudent management of the economy, Gross Domestic Product (GDP) has fallen to 45% “and still declining ahead of every target.”
Continuing his submission, the Ejumako Enyan Essiam constituency Member of Parliament (MP) said their work is not finished despite the remarkable and quick turnaround.
He said the PFM debt rule requires continuous revisionals but assured that the direction is right indicating that “The momentum is real. And the foundation is solid. Solid”.
The external debt restructuring which commenced under the previous government and after the sovereign debt default of 2022 is now at its final stage.
He said “In just three and a half years, Ghana has moved from default to credibility. From debt distress to debt sustainability. From market exclusion to a renewed investor confidence.
This feat, he noted is something that should excite every Ghanaian and be proud of. He said due to Ghana’s public debt default in 2022, it could not borrow long term in Cedis, relying heavily and solely on treasurer bills to finance the budget.
But he said he was elated to announce that Ghana has gone past that harsh reality.
“Mr. Speaker, Ghana has now overcome what the economists describe as the original sin. Which is the inability of a country to borrow over the long term in its own currency.”
By Gifty Boateng