Budget: Minority questions GH₵49.2bn expenditure claims

The Minority in Parliament has sharply criticized the 2025 Budget Statement and Economic Policy presented by Finance Minister Dr. Cassiel Ato Forson, accusing the government of manipulating economic data to inflate Ghana’s fiscal deficit.
At a press briefing in Parliament, Dr. Mohammed Amin Adam, Member of Parliament (MP) for Karaga and Ranking Member on the Finance Committee, described the inclusion of GH₵49.2 billion in expenditure claims in the budget as “statistical thievery.”
According to him, the government deliberately exaggerated expenditure figures to misrepresent the fiscal deficit inherited from the previous New Patriotic Party (NPP) administration.

Unverified figures raise concerns
Dr. Amin Adam pointed out that at the end of 2023, Ghana’s verified stock of arrears stood at GH₵47.5 billion.

However, the Finance Minister included an additional GH₵49.2 billion in new arrears claims without verification.
“They have erroneously churned out wrong data in a bid to tarnish the image of the NPP administration by including GH¢49.2 billion in expenditure claims without any basis,” he alleged.
“Before the start of the IMF program in 2023, we agreed with the Fund to monitor fiscal balances on a commitment basis. This included tracking outstanding expenditure claims that had passed through the GIFMIS system.
“These new numbers have no basis in the IMF framework and could derail our hard-earned gains under the program,” Dr. Amin Adam warned.

Potential IMF and World Bank fallout
MP for Atiwa East and Chairman of the Public Accounts Committee, Abena Osea Asare, cautioned that the government’s data misreporting could jeopardize crucial funding from the International Monetary Fund (IMF) and the World Bank.
“How can the Minister publicly suggest that Ghana has derailed the IMF programme even before the IMF itself conducts a review?
If Ghana fails the next review because of these manipulated numbers, we risk losing $720 million from the IMF and $600 million from the World Bank,” she warned.
She added that such reckless fiscal reporting could undo Ghana’s debt restructuring gains, which included $4 billion in outright debt cancellation and $7.5 billion in debt service relief.

Economic growth projections under scrutiny
MP for Ofoase Ayirebi and Ranking Member on the Economy and Development Committee, Kojo Oppong Nkrumah, also raised concerns about the government’s economic projections, particularly its forecasted growth rate for 2025.
“How can a government that claims to be resetting the economy project only 4.4% growth in 2025 after we achieved 5.7% growth in 2024? This budget lacks ambition, and Ghanaians should be worried,” he stated.
Dr. Amin Adam reinforced this skepticism, stating that the government’s fiscal deficit projections were unreliable.
“The government has churned out a fiscal deficit of 7.6% of GDP and a primary deficit of 3.6% of GDP, but these numbers are manufactured. The economy they are describing does not reflect the strong revenue performance and expenditure management we achieved before leaving office,” he added.

Investor confidence at risk
MP Abena Osea Asare further emphasized that the government’s approach to fiscal reporting could harm investor confidence. She warned that the inflated fiscal deficit figures could negatively impact Ghana’s ability to secure loans and maintain favorable credit ratings.

“The Minister himself admitted in paragraph 135 of his speech that he intends to audit these claims. So why include them in the budget now?

The implications of this are severe. International markets have already reacted negatively, and our sovereign bond spreads are widening. The government is sacrificing Ghana’s economic stability for political gain,” she stated.

Calls for IMF intervention
Kojo Oppong Nkrumah echoed similar sentiments, arguing that the misrepresentation of Ghana’s fiscal health could undermine the country’s debt sustainability.
“If you remove the fabricated GH₵49.2 billion, the actual fiscal deficit would be 3.4%, not 7.6%. The primary balance would be a surplus of 0.6%, not a deficit of 3.1%. This budget is not credible,” he insisted.
The Minority has called on the IMF to intervene and ensure the integrity of Ghana’s fiscal data, warning that any acceptance of the disputed figures could derail the country’s economic progress.
MP for Tank North, Dr. Gideon Boako, also criticized the government’s economic projections, stating that the budget fails to inspire confidence.

Govt defends figures amidst growing scrutiny
The Minority’s strong opposition sets the stage for heated debates in Parliament as the government seeks approval for the 2025 budget.
The Finance Minister, however, has defended the figures, insisting that they reflect the true state of the economy.
With the IMF’s next program review scheduled for April 2025, all eyes will be on how the government justifies its fiscal numbers and whether international financial institutions will uphold the Minority’s call for a forensic audit