NDC gov’t has implemented structural reforms to restore debt sustainability — Steve Manteaw

Social commentator Dr. Steve Manteaw has commended the government for what he described as a prudent debt management approach.

According to him, the measures introduced since 2025 are helping to restore Ghana’s debt sustainability.

In a social media post on Tuesday, July 7, Dr. Manteaw said the current administration inherited an economy facing severe debt distress after years of rising public debt under successive governments.

He noted that the country’s debt burden worsened under the previous administration, resulting in an International Monetary Fund-supported programme.

According to him, the government’s response has focused on structural reforms aimed at strengthening fiscal discipline and improving transparency in debt management.

“From 2025, having inherited an economy with high debt distress from the previous administration, the NDC government has implemented structural reforms to restore debt sustainability. These include strict expenditure limits and the 2025-2028 Medium-Term Debt Management Strategy designed to ensure that financing needs are met at the lowest possible risk,” he wrote.

Dr. Manteaw recalled that Ghana’s public debt increased significantly between 2009 and 2016, rising from about $8 billion to more than $29 billion.

He attributed the increase to infrastructure spending, domestic revenue shortfalls and challenges in the energy sector, which pushed the country’s debt-to-GDP ratio to about 72.5%.

He further credited Finance Minister Dr. Cassiel Ato Forson with introducing reforms that have reduced procurement-related waste and enhanced accountability in the management of the country’s debt.

“The commitment authorisation control introduced by Finance Minister, Dr Ato Forson, has cut a great deal of procurement-related waste. We also see improved transparency in debt management, with every tranche of debt repayment being put on public notice,” he stated.

The social commentator further urged Ghanaians to support the government’s fiscal discipline measures and called on future administrations to sustain the approach, saying it would help place the country’s public finances on a stronger footing.