Ghana’s substantial reduction in public debt stems from disciplined macroeconomic management and cedi stabilization rather than past political legacies, according to Joe Jackson, CEO of Dalex Finance.
On TV3’s Key Points, Jackson cited Finance Ministry data showing public debt-to-GDP falling from 61.8% in December 2024 to 43.8% by June 2025, crediting prudent fiscal and monetary policies for the turnaround.
While opposition lawmakers attribute the drop to a 2024 Eurobond restructuring that secured $5 billion in debt cancellation, Jackson countered that the cedi’s appreciation—driven by “fiscal discipline, effective monetary policy, and sound reserve management”—directly lowered external debt valuation. “A stronger cedi reduces debt levels; you cannot separate the two,” he asserted, adding that current policies sustain market confidence beyond prior restructuring gains.
Jackson acknowledged global factors like easing inflation and commodity prices but emphasized that “active economic stewardship” underlies progress. Analysts note improved debt sustainability reflects exchange rate management and tighter policy, with credit agencies upgrading Ghana’s outlook.
The debate underscores tensions over economic ownership, as Jackson reiterated: “Results today reflect actions taken today.”
