Government ‘Cooks ‘2025 Budget Figures to Please Ghanaians – Minority
The Minority in Parliament has strongly criticized the government over what they claim are manipulated economic figures in the 2025 budget.
Dr. Mohammed Amin Adams, the former Finance Minister and Ranking Member of Parliament’s Finance Committee, cautioned the current Finance Minister, Dr. Cassiel Ato Forson, against presenting misleading economic data. He warned that such actions could harm investor confidence in Ghana and damage the country’s credibility on the international stage.
At a press conference held by the Minority Caucus on Thursday, Dr. Amin Adam accused the Finance Minister of distorting key economic statistics to paint a negative picture of Ghana’s financial situation. He stressed that presenting misleading figures could have serious repercussions, particularly in terms of reducing investor trust in the country.
“Cooking figures to create a negative narrative about the country will have dire consequences. International investors will show you where the true power lies,” Dr. Amin Adam said. He further emphasized that maintaining transparency and accuracy in fiscal reporting is crucial to safeguarding Ghana’s reputation in the global financial community.
Dr. Amin Adam also warned that inaccurate fiscal reporting could lead to higher borrowing costs and reduced investor interest in the country’s financial markets. He urged the government to rectify any discrepancies in the 2025 budget and present a true reflection of Ghana’s economic position.
“If we fail to uphold credibility in our financial reporting, Ghana will become unattractive to the investors we desperately need,” he concluded.
The former Finance Minister, has expressed confidence that the economic achievements of the Akufo-Addo administration will be appreciated by history, despite attempts by the current government to downplay them. He accused the new government of manipulating fiscal data to create a negative economic narrative, which he argued could undermine Ghana’s credibility with international investors.
He highlighted the significant increase in Ghana’s debt stock under the current administration, noting that the new government, despite criticizing the previous administration’s borrowing, had significantly raised the country’s debt within just two months in power.
According to him, the NPP’s debt management between 2017 and 2024 with the debt situation under the Mahama-led NDC government. He pointed out that Ghana’s public debt surged from $8.07 billion in 2008 to $29.2 billion by 2016, marking a 261.83% increase over eight years, with the NDC adding an average of 32.75% to the debt stock annually.
“This excessive borrowing was not just reckless; it pushed Ghana into an unsustainable debt trajectory,” Dr. Amin Adam said.
In contrast, Dr. Amin Adam noted that under the NPP government, Ghana’s debt rose from $29.2 billion in 2016 to $52.3 billion by the end of 2023. Following a debt restructuring program, it reduced to $49.3 billion, reflecting a 68.83% increase under the NPP, with an average annual growth rate of 8.6%, significantly lower than the 32.75% annual increase during the NDC era.
“This data alone demonstrates the superior economic management of the NPP,” Dr. Amin Adam asserted.
He also criticized the high-interest Eurobonds issued under the Mahama government, including a 10.75% coupon rate on a 2015 Eurobond, which was the highest among African countries between 2007 and 2020. He revealed that the NPP government had to pay off two of the four Eurobonds issued by the NDC in 2013 and 2016 and renegotiated multiple loan agreements to lower interest rates.
He praised the Akufo-Addo administration for stabilizing Ghana’s debt despite global economic challenges, reducing the Debt-to-GDP ratio from 73% in 2016 under the NDC to 61.8% by 2024.
“This achievement was not by chance; it was the result of skilled negotiations and a sound debt strategy,” he stated.
Dr. Amin Adam however warned the government about the consequences of misrepresenting Ghana’s financial data to international bodies such as the IMF, urging them to be transparent about the economic gains achieved under the NPP administration.
“If we continue down this path, Ghana will be the ultimate loser, not the politicians,” he cautioned.
Source: Felix Nyaaba//expressnewsghana
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