The Minority has called on Finance Minister Dr. Cassiel Ato Forson to abandon what they describe as a campaign of propaganda against the previous New Patriotic Party (NPP) government and instead recognise the “solid economic foundation” that enabled the current administration to record recent fiscal gains.Speaking at a press briefing in Accra on Tuesday, July 29, Ranking Member on Parliament’s Finance Committee, Dr. Mohammed Amin Adam, disputed several claims made by the Finance Minister in the 2025 Mid-Year Budget Review, accusing him of peddling misinformation regarding Ghana’s debt situation and the performance of the cedi.
He took issue with the Minister’s assertion that the government had achieved a significant reduction in the country’s debt-to-GDP ratio, stating that this was largely due to policy interventions implemented by the previous NPP government.“The Minister touts the debt-to-GDP ratio reduction as a major achievement, but he must admit it was made possible by initiatives such as the debt relief secured under our restructuring programme, and GDP expansion driven by reforms we introduced,” Dr Adam said.
He cited the cancellation of €87.7 million in debt by France as an example of international relief arranged under the former administration, along with growth in GDP that helped reduce the debt burden relative to the economy’s size.The Minority also accused the Minister of misrepresenting the exchange rate, calling his claim that the cedi had recovered from GHS17 to GHS10.4 to the dollar “a complete falsehood.”Dr. Adam clarified that when the NPP left office, the cedi stood at GHS14.7 to the dollar — not GHS17 — and disputed any suggestion that the current government had restored the rate to pre-crisis levels.
He further highlighted that while GDP growth from Q1 2024 to Q1 2025 saw an 8% improvement (from 4.9% to 5.3%), a more dramatic jump was achieved during the NPP’s tenure — from 4.4% in Q1 2016 to 6.6% in Q1 2017, representing a 50% increase.“The current government inherited momentum that they continue to benefit from, yet they distort the facts to claim sole credit,” Dr. Adam stated.He therefore advised the Finance Minister to “show humility” and acknowledge the groundwork laid by the NPP, rather than attempting to rewrite economic history for political gain.
Source: citinewsroom
