Minority Slams 2026 Budget as “Deceptive and Empty,” Accuses Government of Breaking IMF Promises

Former Finance Minister Dr. Mohammed Amin Adam has sharply criticized the 2026 Budget Statement and Economic Policy, accusing the Mahama-led administration of deceiving Ghanaians and violating key fiscal commitments.

Speaking at a press conference in Parliament on Friday, November 14, Dr. Amin Adam alleged that the government had breached critical benchmarks agreed with the International Monetary Fund (IMF), especially commitments aimed at strengthening fiscal discipline and halting central bank financing of government operations.

According to him, despite an IMF-backed agreement for the Bank of Ghana (BoG) to cease direct financing of government expenditure, the central bank continues to fund essential items, including portions of the wage bill, even as arrears remain unpaid.

“The Bank of Ghana is still financing the wage bill, and that is not supposed to happen.

The IMF agreed with us that BoG must stop financing the government, yet this government continues to rely on it. The IMF seems to be sleeping on this,” he declared.

Dr. Amin Adam further accused the government of failing to release key budgetary allocations, including GH¢7 million earmarked for wage payments under the digital payments system — a shortfall he said has forced the BoG to step in.

He dismissed claims of improved revenue performance, describing the 2026 budget as “boastful but empty.”

The former minister revealed significant underperformance across multiple revenue streams — a GH¢7.7 billion deficit in oil revenue, GH¢6.8 billion shortfall in domestic revenue, and nearly GH¢9 billion gap in tax revenue.

“They bragged about revenue performance, but the reality is that they failed. The numbers show massive shortfalls across oil, domestic revenue, and taxes,” he said.

Dr. Amin Adam also highlighted major challenges in expenditure execution.

He stated that although GH¢5.1 billion was approved for goods and services, only GH¢3.8 billion was released. Similarly, out of GH¢26.6 billion budgeted for compensation for the first three quarters, only GH¢23.11 billion was disbursed.

Regarding capital expenditure (CAPEX), he noted that although GH¢11 billion was allocated, the government issued commitments totalling GH¢7.6 billion, yet was unable to fulfil these commitments fully.

Describing the fiscal situation as “dire,” he said the country’s fiscal framework under the current government has deteriorated sharply.

The Minority, he disclosed, will strongly oppose any request for additional appropriations in Parliament, arguing that the administration has failed to utilize previously approved funds.

“A government that cannot spend should not be given more room to spend. We will move for appropriations to be reduced,” Dr. Amin Adam insisted.

Source: Felix Nyaaba/expressnewsghana.com