Cassiel Ato-Forson, Minister of Finance
Ghana’s finance minister, Dr. Cassiel Ato Forson, has clarified that the Mahama-led government’s net borrowing currently stands at GH¢7.1 billion, attributing it primarily to servicing debts inherited from the previous administration.
In a Facebook post on Saturday, Dr. Forson provided a breakdown of treasury bill transactions since President John Mahama assumed office in January 2025.
According to him, total treasury bill bids received by the government amount to GH¢89.7 billion, of which GH¢59.5 billion has been accepted as rollovers of existing debt, while GH¢30.2 billion has been rejected.
“For the avoidance of doubt, net borrowing by the Mahama government, as of today, stands at GH¢7.1 billion. This is primarily a buffer for servicing maturing debts accumulated by the NPP/Akufo-Addo/Bawumia government,” he stated.
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, leading to a significant drop in treasury bill rates.
He highlighted that, within 50 days of President Mahama’s leadership, the 91-day treasury bill rate had fallen from 28.34% to 20.79%, describing it 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 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.
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