The timeliness of the government's decision to undertake a debt restructuring scheme has been questioned by Cassiel Ato Forson, a ranking member of the Parliament's finance committee.

Is Ghana's upcoming debt restructure too little, too late, in his opinion?

Ato Forson highlighted that Ghana's current debt predicament is a result of careless borrowing and poor fiscal policies while he and other government representatives are now in the United States for a meeting with the International Monetary Fund.

In a Twitter post on August 13, 2022, he wrote: “The Black Star of Africa is facing unpalatable policy choices as a result of irresponsible fiscal policies & reckless borrowing since 2018!”

Ato Forson had earlier stated that a decision to ensure Ghana’s debt sustainability should be taken as soon as possible, before discussions with the IMF advance.

According to him, the government needs to adopt some level of proactivity in choosing what forms of debt restructuring regimes it would have to adopt.

“Ghana, as we speak, is going through sovereign insolvency stress, we’re simply insolvent. So, what we need to do is to take a decision to restructure. But the question is what kind of restructuring?

“That is the kind of conversation I believe we have to go in. We have to consider the kind of restructuring that we’ll do that will safeguard the economy and preserve us going forward. I believe that is where we’ve gotten to at this stage,” he is quoted by myjoyonline.com on October 5, 2022.