Mahama Government Has Borrowed GH₵7.1 Billion So Far – Finance Minister | MyJoyOnline Reports
According to MyJoyOnline, Ghana’s Finance Minister, Dr. Cassiel Ato Forson, has revealed that since January 10, 2025, the Mahama government has received a total of GH₵89.7 billion in Treasury Bill (T-Bill) offers.
MyJoyOnline explains that out of this amount, the government accepted GH₵59.5 billion but mostly to repay old debts inherited from the previous administration led by Nana Akufo-Addo and Dr. Bawumia. The government rejected GH₵30.2 billion worth of bids.
Dr. Forson clarified, as reported by MyJoyOnline, that the net borrowing by the Mahama government is currently GH₵7.1 billion. He stressed that this money is mainly being used as a backup fund to pay off old debts, rather than adding to the country’s financial burden.
Dr. Forson further stated, according to MyJoyOnline, that “actual debt accumulation under the Mahama government is almost zero.” He emphasized that the government is carefully managing public debt to avoid unnecessary borrowing.
One major achievement, as highlighted by MyJoyOnline, is the sharp drop in interest rates on 91-day Treasury Bills. The T-Bill rate has fallen from 28.34% to 20.79% within just 50 days.
Dr. Forson said this proves that investors now have more confidence in Ghana’s economy under the Mahama administration.
From MyJoyOnline’s unique perspective, this report shows that the government is trying to balance paying off old debts while keeping new borrowing low.
The finance minister believes that careful financial management is already leading to lower interest rates, which is a good sign for the economy.
Credit: myjoyonline.com