By Grace Zigah
Vice President Professor Naana Jane Opoku-Agyemang has issued a strong caution to government institutions and policymakers to avoid reckless borrowing that could mortgage Ghana’s economic future.
Speaking at the launch of the Bank of Ghana’s Cedi@60 anniversary celebration in Accra, the Vice President emphasized the need for fiscal responsibility and sustainable financial planning to protect future generations from crippling debt.
According to Prof. Opoku-Agyemang, although borrowing remains an essential tool for financing national development, it must be undertaken with discipline and a clear focus on value-driven projects that yield long-term economic benefits.
“Government must lead by example and commit to real fiscal discipline — no more reckless borrowing or surging deficits that pass today’s problems to tomorrow’s generations,” she stated.
She further urged that every loan should have a measurable return, and every cedi spent should translate into tangible value for citizens.
The Vice President also highlighted the need for Ghana to strengthen confidence in its national currency, the cedi (₵), by discouraging the widespread quoting of prices in foreign currencies.
She described such practices as undermining the sovereignty of the local currency and called on businesses to transact in cedis as a patriotic and economic obligation.
“If you earn in cedis, you must be able to transact in cedis,” she asserted.
Her remarks came at a time when the National Democratic Congress (NDC) government, led by President John Mahama, had announced a new borrowing plan to raise GH¢75.7 billion from the domestic market between October and December 2025.
According to the Bank of Ghana’s latest issuance calendar, GH¢67.5 billion of the total amount will be used to refinance maturing debts, while the remaining GH¢8.2 billion will go toward financing government operations and public sector expenditure for the fourth quarter.
The borrowing initiative forms part of the government’s Medium-Term Debt Management Strategy, which seeks to enhance transparency, deepen the domestic capital market, and extend debt maturity profiles to ensure fiscal sustainability.
The Bank of Ghana will manage the borrowing through the issuance of 91-day, 182-day, and 364-day Treasury bills, as well as possible reopenings of existing bonds under the Domestic Debt Exchange Programme (DDEP), depending on market conditions.
However, financial analysts have expressed mixed reactions to the move.
While some economists acknowledge the necessity of borrowing to meet government obligations and support developmental projects, others warn that the growing dependence on domestic borrowing could tighten liquidity in the financial markets and crowd out private sector investment.
Rising interest rates, they argue, could increase the cost of borrowing for businesses and hinder economic recovery.
The Vice President’s warning, therefore, comes as both a moral and fiscal reminder at a critical juncture in the economic management.
