The Minority in Parliament has issued a scathing response to the mid-year budget presented by Finance Minister Dr. Cassiel Ato Forson, accusing the government of distorting facts, engaging in propaganda economics, and taking undue credit for economic gains initiated under the previous New Patriotic Party (NPP) administration.
In a press statement released on Tuesday, July 29, 2025, the Minority challenged multiple claims made by the Minister, ranging from public debt reduction and currency performance to foreign reserves and credit rating improvements.
They also accused the current administration of neglecting the economic pain of Ghanaians while promoting itself for achievements it allegedly inherited.
At a press conference in Accra, the Ranking Member on the Finance Committee, Dr Adam, joined by Ranking Member on the Committee on Development and the Economy, Kojo Oppong Nkrumah, and Deputy Ranking on the Finance Committee, Dr. Gideon Boako, dissected the Minister’s report line by line—describing key portions as “factually false and politically motivated.”
Debt restructuring: “Credit theft” alleged
The Minority’s central concern was what it termed the “misleading” portrayal of Ghana’s public debt situation.
The Finance Minister claimed that Ghana’s debt-to-GDP ratio had declined from 61.8% in December 2024 to 43.8% in June 2025, attributing this improvement to prudent fiscal management by the current administration.
But Dr. Adam rebutted this, arguing that the figures were made possible by a debt restructuring initiative spearheaded by the Akufo-Addo-led NPP government.
“It is no secret that the painstaking efforts the NPP government made to restructure our debts… led to outright debt cancellation of $5 billion and debt service savings of $4.7 billion. What then did the NDC government do to claim a reduction in the public debt?” he asked.
Dr. Boako added that the so-called “historic” 15.6% reduction in debt accumulation over six months was not unprecedented.
He cited a GH¢141.8 billion drop in external debt in December 2022, driven by cedi appreciation alone, to illustrate the comparative scale of prior gains.
Credit rating: NPP’s Eurobond deal did it
The Finance Minister also referenced improvements in Ghana’s credit rating.
However, the Minority said the credit upgrade was the direct result of the October 2024 Eurobond restructuring, executed under the NPP administration.
Citing a Fitch statement from June 2025, the Minority pointed out that the ratings agency credited the October 2024 exercise as the basis for the improvement.
“Was Dr. Ato Forson the Finance Minister in October 2024?” they asked rhetorically, calling the Minister’s attempt to claim this progress as “dishonest and revisionist.”
Primary surplus: NPP did it first
In another contested claim, the Finance Minister had stated that Ghana had recorded a primary budget surplus “for the first time in history.”
The Minority dismissed this as false, pointing out that the country achieved primary surpluses in 2017, 2018, 2019, and the first half of 2024 under the NPP administration.
“This is not the first time Ghana is achieving a surplus,” Dr. Boako said. “Stop rewriting our economic history.”
Foreign reserves: Inherited not built
According to the Finance Minister, Ghana’s gross international reserves now stand at $11.12 billion.
But the Minority revealed that $8.9 billion of that amount was already in place at the time of the NDC government’s assumption of office in early 2025.
“This is another example of self-promotion using inherited gains,” the statement read. “You criticise an exercise and accept the product of the same exercise? That is propaganda economics.”
Mismanagement of the FX market
The Minority also expressed deep concern over the persistent shortage of US dollars on the market, claiming that it has disrupted business operations and dented investor confidence.
They accused the government of manipulating the FX market and pointed to IMF disclosures that the Bank of Ghana injected over $1.4 billion into the market during the first quarter of 2025, even though officials had denied such interventions.
“The shortage of dollars in the banks has become so pronounced that importers have gone public to express their frustration,” the Minority stated. They argued that the wide gap between interbank and forex bureau rates has exacerbated market uncertainty.
Cedi strength: “False numbers” exposed
Kojo Oppong Nkrumah sharply criticised the Minister’s claim that the Ghanaian cedi had appreciated from GH¢17 to GH¢10.4 against the US dollar.
“This is simply false,” he said. “At no point during the NPP government did the cedi reach GH¢17. At the time of handover, the rate was around GH¢14.70.”
He noted that the Minister’s budget document confirmed a 42.6% appreciation, which only made sense if the starting rate was closer to GH¢14, not 17. “This deliberate distortion must be corrected,” he added.
Economic hardship: “Citizens left behind”
The Minority also criticised the budget for ignoring the worsening economic conditions faced by ordinary Ghanaians.
They cited rising fuel prices, electricity tariff hikes, and the reintroduction of what they called the “Dumsor-levy” as signs of government insensitivity.
Beyond rising costs, they highlighted growing dissatisfaction among key stakeholder groups, including spare parts dealers, nurses, and unemployed youth, who feel neglected by current policies.
Call for truth and integrity
The Minority concluded their response by accusing the government of building its narrative on distortions and half-truths. “Ghanaians deserve transparency, not propaganda.
The time has come to speak truth to power, and to remind this government that the people are not easily deceived.”
They urged the public to scrutinise the government’s claims in the mid-year budget and to hold leaders accountable for the economic direction of the country.
