Deputy Finance Minister Thomas Nyarko Ampem has dismissed assertions by former Finance Minister Mohammed Amin Adam that Ghana’s recent reduction in public debt was achieved through debt cancellation agreements initiated under the previous administration.
Addressing Parliament during the conclusion of the 2025 Mid-Year Budget Review debate, Mr. Nyarko Ampem firmly challenged the narrative, stating: “Mr. Speaker, I want to state emphatically that the reduction in Ghana’s public debt level, from GH₵726.7 billion in December 2024 to GH₵613 billion as at the end of June 2025, has nothing to do with any purported debt cancellation.”
He emphasised that the reduction was the result of deliberate and disciplined fiscal management under the leadership of the current Finance Minister, Dr. Cassiel Ato Forson, rather than the outcome of prior debt relief negotiations.
The response follows claims by Hon. Amin Adam, who argued that the Mahama-led administration should not take credit for the decline in debt.
According to him, the drop in Ghana’s debt-to-GDP ratio stemmed largely from debt cancellation talks—reportedly exceeding US$5 billion—that he initiated before leaving office.
But the Deputy Minister was unequivocal in his rebuttal, pointing to the figures and the timelines: “Something that seemed impossible under your tenure,” he remarked, referring to the NPP administration’s inability to stem the tide of debt accumulation during its final year.
