Dr. Cassiel Ato Forson has revealed that Ghana has saved approximately GHC 1 billion in borrowing costs following a recent decline in Treasury bill (T-Bill) interest rates.
The Finance Minister emphasized the need for prudent fiscal management to support national development while speaking at the National Economic Dialogue.
“The recent reduction in T-bills alone is saving Ghana about GHC 1 billion, and that 1 billion can be channeled to critical areas of the economy,” he stated.
Dr. Forson underscored the importance of reducing borrowing and lowering the cost of debt to ensure sustainable economic growth.
“Currently, we need to take steps to reduce the borrowing and also reduce the cost of borrowing so that we will be able to channel the dividends to support our national development,” he added.
Beyond debt management, the Minister highlighted inflation control and currency stabilization as top priorities for Ghana’s economic strategy. He noted that inflation has remained stubbornly high at around 23% since May 2024, exacerbated by climate-related challenges.
According to him, droughts and delayed rainfall in key agricultural regions have significantly impacted food production, while supply chain disruptions have further driven up food prices, worsening food insecurity, particularly among the most vulnerable populations.
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