Development Economist and Senior Research Fellow at the Centre for Social Policy Studies at the University of Ghana, Dr George Domfeh, has challenged Finance Minister Dr Cassiel Ato Forson to outline the policies and interventions he considers distinctive achievements of his tenure.
Dr Domfeh’s comments come amid ongoing debate over Ghana’s debt crisis, fiscal management and the factors that contributed to the country’s economic difficulties ahead of the 2022 debt restructuring.
In a statement, Dr Domfeh criticised what he described as “propaganda” surrounding the introduction of new Ghana cedi notes, arguing that such a measure could not have prevented the debt crisis that Ghana experienced in 2022.
“The Finance Minister Dr. Cassiel Ato Forson should stop the propaganda. Introduction of new cedi notes couldn’t have prevented Ghana’s 2022 debt crisis,” he wrote.
Dr Domfeh also attributed part of the country’s subsequent fiscal difficulties to the accumulation of debt between 2009 and 2016 under the administrations of the late President John Evans Atta Mills and President John Dramani Mahama.
According to him, more than US$21 billion accumulated during the period contributed to the fiscal pressures Ghana later faced.
Official figures contained in the Ministry of Finance’s 2016 Annual Debt Management Report show that Ghana’s gross public debt increased from GH¢35.9996 billion in 2012 to GH¢122.263 billion in 2016.
Dr Domfeh further argued that the debt restructuring programme undertaken in response to Ghana’s economic crisis had created a more favourable environment for the current administration to manage the country’s debt.
“He is simply lucky to have inherited fertile ground created by the debt restructuring,” he said, referring to Dr Ato Forson.
Ghana’s debt restructuring became a central component of the country’s response to the economic crisis that led to the suspension of external debt payments and an IMF-supported programme.
The process included the restructuring of a substantial portion of the country’s external debt and was aimed at easing the government’s debt-service obligations.
Dr Domfeh’s central question is whether the Finance Minister can point to specific policies or interventions that distinguish his tenure from the broader economic recovery process.
“So, beyond the propaganda, what exactly has he done uniquely as Finance Minister?” he asked.
The comments come as the Ministry of Finance continues to highlight fiscal consolidation, debt restructuring, improved external reserves, lower inflation and measures to strengthen the cedi as key elements of the government’s economic programme.
In April 2026, Dr Ato Forson told international investors that Ghana’s economic gains reflects structural reforms rather than temporary measures.
He cited fiscal consolidation, legislative reforms, economic growth, stronger external reserves, lower yields and progress in the debt restructuring process among the developments recorded under his tenure.
The Finance Minister has also pointed to the establishment of the Ghana Gold Board (GoldBod), fiscal consolidation and measures to reduce import dependence as part of efforts to stabilise the cedi and strengthen Ghana’s external position.
Dr Domfeh’s remarks have consequently added to the debate over how Ghana’s recent economic developments should be assessed, particularly the respective contributions of current policy interventions, the debt restructuring programme and measures implemented by successive administrations.
The debate also raises broader questions about the extent to which Ghana’s improving fiscal position reflects new policy initiatives and how much of the progress can be attributed to the structural changes and debt relief achieved through the restructuring process.
By 1960news.com
