‘Do you want me to crash the country?’ – Ato Forson asks critics demanding huge spending

Finance Minister Dr Cassiel Ato Forson has defended the government’s expenditure record, saying a substantial part of available public funds is going towards settling inherited debts and restoring confidence in the economy rather than financing new spending. He said the government could not ignore its financial obligations and risk plunging the country into another economic crisis simply to satisfy demands for increased expenditure.

Dr Forson disclosed that the government had so far paid GH¢41 billion to holders of bonds under the Domestic Debt Exchange Programme (DDEP), describing the payments as part of the difficult financial responsibilities inherited from the previous administration. Speaking on Joy News’ PM Express on Thursday, November 12, after presenting the 2027 Budget to Parliament, he rejected criticism that he was not spending enough, insisting that the government was using available resources to meet pressing obligations.

“I’m spending, but you see, people don’t appreciate it,” he said. “You see, I have this house that I have inherited from President Akufo-Addo’s government, and a large economic management team. These are debts that we have inherited. Do you want me to crash the country again? Do you? I can’t”. The Finance Minister said the government had inherited a difficult economic situation, including substantial debt obligations, which required careful management to prevent a return to financial instability.

He said his immediate priority was to settle debts falling due, restore confidence in the market and move the country away from the economic crisis. “These are not normal times. I need to take the country off crisis. I need to restore market confidence. I need to pay the debt that has fallen due,” he said. Dr Forson explained that expenditure decisions had to be guided by the resources available to the government and the obligations it was required to meet.

“I have my obligations. One, pay your debt; enough of what will be left, you will use it for others,” he said. He stressed that government could not spend money it did not have, arguing that responsible financial management required it to settle outstanding commitments before taking on additional expenditure. The GH¢41 billion figure cited by the minister is consistent with the Finance Ministry’s August 2026 disclosure that total payments to DDEP bondholders since 2025 had reached GH¢41.36 billion, following a GH¢10.8 billion coupon payment made on August 18, 2026.

Debt payments and development spending The minister’s defence comes against the backdrop of the 2027 Budget, which projects total government expenditure of GH¢389.2 billion for the coming fiscal year. Of that amount, GH¢100.4 billion has been allocated to capital expenditure, while GH¢61 billion is earmarked for interest payments on domestic and external debt.

The budget also provides GH¢104.1 billion for employee compensation and GH¢13.9 billion for the clearance of arrears. Dr Forson has also announced plans to settle GH¢29 billion in DDEP principal falling due in February 2027 ahead of schedule, following an early redemption offer to bondholders. Government further intends to pay a US$590 million Eurobond obligation due in January 2027 by December 31, 2026.

Together, the two repayments are expected to clear more than GH¢36 billion in debt ahead of their maturity dates. The Finance Minister said the government’s approach was intended to prevent the country from returning to the financial difficulties that necessitated the debt restructuring. He maintained that the administration had to balance its development ambitions with the responsibility of meeting debt obligations and preserving the economic gains made so far.