Finance Minister Dr Cassiel Ato Forson says Ghana faces GH¢111 billion in domestic debt repayments over the next two years, describing the looming obligation as the country’s “true Agenda 111” and warning that government must plan to meet the commitments.

Speaking during the presentation of the 2026 Mid-Year Fiscal Policy Review in Parliament on Thursday, Dr Forson said although Ghana has overcome what economists describe as the "original sin" by regaining the ability to borrow long-term in its own currency, the government has inherited significant debt obligations arising from the Domestic Debt Exchange Programme (DDEP).

"While Ghana's debt restructuring is nearly complete, prudent debt management requires us to look beyond today to tomorrow's obligations," he said.

The Finance Minister disclosed that GH¢58 billion in DDEP bonds will mature in 2027, with a further GH¢53 billion falling due in 2028.

"In two years alone, Ghana has to repay GH¢111 billion. One, one, one. Mr Speaker, this is the true Agenda 111. This is the true Agenda 111 Ghana must deal with," he told Parliament.

Dr Forson argued that the Domestic Debt Exchange Programme was designed to delay Ghana's debt burden rather than eliminate it.

"Because the Domestic Debt Exchange Programme was not designed to solve Ghana's debt problems. It was designed to postpone it deliberately, knowingly, and cynically," he said.

Using a metaphor to illustrate his point, the Finance Minister said the architects of the programme failed to address the country's underlying debt challenges.

"It architected mortgaged tomorrow to survive today. They had a duty to fix the roof. Instead, they moved the leak to another room and declared the house repaired," he stated.

According to Dr Forson, the government has responded by strengthening the Sinking Fund to ensure the country is adequately prepared to meet the large debt repayments due over the next two years.

"Meeting obligations of this magnitude requires advanced planning, not last-minute scrambling. This is precisely why this government has strengthened the Sinking Fund to set aside money to repay future debt obligations that we inherited," he said.

He announced that under the 2026–2029 Medium-Term Debt Management Strategy, seven per cent of non-oil tax revenue, together with proceeds from domestic bond issuances, will be paid into the Sinking Fund to build what he described as a "war chest" for the 2027 and 2028 debt maturities.

Dr Forson further disclosed that the Sinking Fund had accumulated GH¢15.6 billion as of July 22, 2026, and expressed confidence that the balance would reach GH¢30 billion by the end of the year.

"I'm proud to report that as of 22nd July, the war chest holds GH¢15.6 billion. We are on course to accumulate GH¢30 billion in the Sinking Fund by the end of 2026," he said.

According to the Finance Minister, the projected amount would be sufficient to settle the GH¢30 billion in DDEP debt scheduled to mature in February 2027, reducing refinancing risks and strengthening investor confidence.

"This will be enough to repay the GH¢30 billion Domestic Debt Exchange Programme debt that will fall due in February 2027," he noted.

Dr Forson said the government's strategy demonstrates a commitment to responsible fiscal management and ensuring that Ghana meets its future debt obligations without resorting to emergency measures.

"Brick by brick, cedi by cedi, we are building the wall that will meet the wind so that when 2027 and 2028 come, Ghana will not scramble. Ghana will simply pay back this debt. This is the signal the Sinking Fund sends to investors, credit rating agencies and the people of Ghana, making it clear that this government plans ahead, honours its commitment, and manages the public finances better," he told Parliament.