29/08/2025
FINANCE MINISTER BACKS FAIR APPROACH TO AFRICA’S DEBT CRISIS
Finance Minister Dr. Cassiel Ato Forson has thrown his support behind calls for a fairer and more sustainable approach to Africa’s deepening US$1.3 trillion debt crisis.
Speaking in Accra after receiving a petition from the African Regional Organization of the International Trade Union Confederation (ITUC-Africa) and the Trade Union Congress (TUC) of Ghana, Dr. Forson emphasized that while debt cancellation demands are legitimate, outright refusal to repay debts is not feasible.
He explained the difference between “we can’t pay” and “we won’t pay,” stressing that many African nations, including Ghana, are simply unable to meet their obligations due to the harsh effects of COVID-19, rising inflation, and currency depreciation.
Dr. Forson revealed that 23 African countries are already spending more on debt servicing than on critical needs like education, healthcare, and infrastructure, warning that this poses a severe threat to development.
The petitioners, ITUC-Africa and TUC, argued that Africa’s massive debt burden is draining resources away from schools, hospitals, and jobs, trapping nations in austerity and undermining the future of young people.
While Dr. Forson stopped short of endorsing total cancellation, he called for a more humane and inclusive debt resolution mechanism, citing Ghana’s own GHS 800 billion debt restructuring as an example of the urgent need for reforms.
His remarks come as global advocacy for debt justice intensifies, with unions, civil society groups, and policymakers pushing for reforms to prevent what they describe as a “looming debt trap” for the continent.
📍 Stay tuned to MAFI TV GH as we bring you updates on Ghana’s debt situation and Africa’s fight for fairer financial systems.