The Minority in Parliament has accused the government of deliberately manipulating economic figures in the 2025 budget to create a false impression of progress. They claim the government is distorting key financial data to mislead the public and international investors about the true state of Ghana’s economy.
At a press conference on Thursday, Dr. Mohammed Amin Adam, 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 erode investor confidence and damage Ghana’s credibility on the international stage.
Dr. Amin Adam alleged that the Finance Minister had deliberately misrepresented key economic indicators to paint an unfavorable picture of Ghana’s financial situation. He stressed that presenting misleading figures could have dire consequences, particularly by discouraging investors.
“Cooking figures to create a negative narrative about the country will have serious repercussions. International investors will show you where the true power lies,” Dr. Amin Adam stated.
He further emphasized that transparency and accuracy in fiscal reporting are essential to maintaining Ghana’s reputation in the global financial community. He cautioned that inaccurate fiscal data could lead to higher borrowing costs and diminished investor interest.
“If we fail to uphold credibility in our financial reporting, Ghana will become unattractive to the investors we desperately need,” he warned.
Akufo-Addo Administration’s Economic Achievements
Dr. Amin Adam expressed confidence that history would appreciate the economic achievements of the Akufo-Addo administration, despite what he described as the current government’s attempt to downplay them. He accused the new administration of manipulating fiscal data to create a negative economic narrative, which he argued could undermine Ghana’s standing with international investors.
Highlighting the surge in Ghana’s debt stock, he noted that the new government—despite criticizing the previous administration’s borrowing—had significantly increased the country’s debt within just two months in power.
Comparing debt trends under different administrations, Dr. Amin Adam pointed out that Ghana’s public debt rose from $8.07 billion in 2008 to $29.2 billion by 2016 under the NDC, representing a 261.83% increase over eight years, with an average annual growth of 32.75%.
“This excessive borrowing was not just reckless; it pushed Ghana into an unsustainable debt trajectory,” he remarked.
In contrast, he argued that under the NPP government, Ghana’s debt rose from $29.2 billion in 2016 to $52.3 billion by 2023. Following a debt restructuring program, it declined 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 recorded during the NDC era.
“This data alone demonstrates the superior economic management of the NPP,” Dr. Amin Adam asserted.
Criticism of NDC’s Borrowing and Debt Strategy
He also criticized the high-interest Eurobonds issued under the Mahama administration, citing a 10.75% coupon rate on a 2015 Eurobond, the highest among African nations between 2007 and 2020. He noted that the NPP government had to pay off two of the four Eurobonds issued in 2013 and 2016 and renegotiated multiple loan agreements to lower interest rates.
Dr. Amin Adam commended 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.
Call for Transparency in Fiscal Reporting
Dr. Amin Adam, however, warned the government about the consequences of misrepresenting Ghana’s financial data to international bodies such as the IMF, urging transparency in reporting the economic progress achieved under the NPP administration.
“If we continue down this path, Ghana will be the ultimate loser, not the politicians,” he cautioned.
Source: GhanaNewsOnline