Government has settled GH¢5.3 billion in legacy arrears, the Finance Minister, Cassiel Ato Forson, has announced. Per reports, before today’s GH¢5.3 billion clearance, Ghana’s legacy arrears burden stood at about GH¢29.3 billion across energy, cocoa, pensions, and other ministries and agencies.

Ghana’s outstanding arrears were significantly higher, with major obligations in the energy sector, cocoa payments, and pensions. For example, COCOBOD alone reported over GH¢6 billion owed to farmers and Licensed Buying Companies earlier this year, while SSNIT arrears of GH¢1.05 billion were cleared in 2025.

Speaking during the 2026 Mid-Year Budget Review in Parliament on Thursday, July 24, Dr Forson indicated that the GH¢5.3 billion payment forms part of government’s efforts to clear the outstanding debt and promote economic activity and growth.

“To clear legacy government arrears, an amount of GH¢5.3 billion has been paid,” he told Parliament.

Dr Forson also disclosed that GH¢459 million had been paid to the Youth Employment Agency to support job creation opportunities for young people.

He added that the government had released GH¢485 million to beneficiaries of the Livelihood Empowerment Against Poverty (LEAP) programme to support vulnerable groups across the country.

Minority remarks on government's 2026 Mid-Year Fiscal Policy Review

Minority Leader Alexander Afenyo-Markin has taken aim at the government's 2026 Mid-Year Fiscal Policy Review, arguing that the statement offered little in terms of practical solutions despite what he described as polished language.

Addressing Parliament on Thursday after Finance Minister Dr Cassiel Ato Forson's presentation, the Effutu MP challenged several aspects of the review, particularly the government's spending figures, which he said were inconsistent.

He cited conflicting disclosures regarding funding released to the Ministry of Roads, recalling that the Deputy Roads Minister had previously announced that GH¢1.6 billion had been made available, whereas the Finance Minister now put the amount at GH¢1.1 billion.

"You see, you are suffering and you've been redundant in your various ministries. His Deputy Minister told the nation that GH¢1.6 billion was released to the Roads Minister. Today, he says only GH¢1.1 billion," Afenyo-Markin said.

According to the Minority Leader, the performance of a Finance Minister should be assessed by the effectiveness of government policies and the impact they have on citizens rather than by the amount of money spent.

"The true measure of a Finance Minister is not how much he spends," he stated.

Turning to the cocoa sector, Afenyo-Markin faulted the government for failing to announce any new measures to support cocoa farmers, insisting that the industry's challenges had been overlooked.

He argued that despite Dr Forson serving as the supervising minister responsible for cocoa, producers continue to face hardship without meaningful intervention.

"Throughout his review, there was no policy announcement for the cocoa sector. The four million cocoa farmers are suffering. This Finance Minister, since he took over as the supervising minister responsible for cocoa, we have seen suffering and wailing, and he comes here to lament," he said.

The Effutu MP also revisited the government's Gold for Reserves programme, claiming the Minority had earlier advised against aspects of the policy but was ignored.

"What he has forgotten is that he refused good counsel from the Minority. When GoldBod and Bank of Ghana charges on the Gold for Reserves policy were at 15%, we cautioned him. He didn't listen," he said.

Afenyo-Markin further contended that the International Monetary Fund (IMF) later pushed the government to reduce the charges from 15% to 9%. He also pointed to the Bank of Ghana's recent decision to withdraw from the programme, arguing that the move came after substantial losses had already been incurred.

"Later, the IMF forced them to reduce it to 9%. Three days ago, the Governor announced that he was no longer going to participate in this Gold for Reserves. It's too late today. You've already incurred losses of GH¢9.6 billion. That is what the IMF told you. And you come here saying prudent management of the economy. Really?" he questioned.

Concluding his remarks, the Minority Leader dismissed the Finance Minister's mid-year review as lacking substance.

"Mr Speaker, this review is full of English with empty promises," Afenyo-Markin said.