Kojo Oppong Nkrumah, Member of Parliament (MP) for Ofoase-Ayirebi and Ranking Member on Parliament’s Economy and Development Committee, has revealed that the New Patriotic Party 2028 flagbearer, Dr. Mahamudu Bawumia, fully supports the Minority’s ongoing engagement with stakeholders nationwide.

Speaking to members of the Ghana Union of Traders’ Associations, Mr. Oppong Nkrumah explained that consultations with traders, farmers, industry players and other groups are part of a broader strategy to understand citizens’ concerns and shape parliamentary policy alternatives.

“In the coming months, Ghanaians will see us engage with other identifiable groups to better understand their feedback and demands of government,” he said, stressing that the initiative is designed to strengthen the Minority’s advocacy efforts on behalf of citizens.

The consultations are already underway nationwide.

Over the past weekend, some Members of Parliament travelled to the Ashanti Region to meet cocoa farmers directly and gather insights into challenges affecting key sectors of the economy.

Policy alternatives and economic critique

Beyond consultations, Mr. Oppong Nkrumah highlighted that the Minority is developing alternative policy proposals to address perceived gaps in the government’s economic management.

He argued that there is a “mismatch” between official economic indicators—particularly inflation—and the realities experienced by households and businesses.

“You need to examine the method with which the results are achieved and ask yourself whether it is sustainable and appropriate,” he noted, emphasising that while inflation has declined, the approach has relied heavily on tight monetary policies, including the sterilisation of liquidity.

He revealed that in 2025 alone, approximately GH₵62 billion was removed from the economy in a “shock approach” to reduce inflation to about 3.3 percent, a measure that has significantly reduced money circulation and consumer spending.

Inflation, cost pressures and credit constraints

Mr. Oppong Nkrumah cautioned that while liquidity measures reduce prices, they do not address underlying production costs. He cited rising electricity tariffs, levies, and input costs—some increasing by over 100 percent—as continuing to pressure businesses.

He further raised concerns about limited access to credit, noting that banks appear to prioritise lending to the government over private sector growth.

“It is not just about reducing the policy rate; the volume of credit to the private sector must also increase,” he said, warning that insufficient financing hampers business expansion and job creation.

Currency interventions and local production

On exchange rates, the MP criticised government interventions in the foreign exchange market, revealing that an estimated $10 billion was injected in 2025 to stabilise the cedi.

While recognising the short-term benefits, he argued that such measures distort markets and undermine local production, citing examples from agriculture, including rice, maize, yams, and cocoa farmers struggling to sell produce amid weak demand.

Alternative policy proposals and legislative reforms

Mr. Oppong Nkrumah noted that the Minority has presented alternative approaches, including strengthening industrialisation programmes like One District, One Factory (1D1F) rather than replacing them.

He also flagged concerns over the Gold Board framework, advocating for a clear separation of regulatory and commercial roles to prevent financial inefficiencies.

The Minority has further proposed amendments to key legislative frameworks, including the Bank of Ghana Act and the Value for Money legislation, aimed at improving transparency and accountability in economic governance.

Stakeholder consultation and tax measures

The MP also questioned the adequacy of stakeholder consultation on recent tax measures, including the 20 percent VAT-related policy, which traders claim has imposed additional burdens.

He described the situation as a “disconnect and mismatch between the promises and what is being delivered,” urging groups like GUTA to share their feedback with the Minority for effective parliamentary representation.

Strengthening advocacy through engagement

Concluding, Mr. Oppong Nkrumah assured stakeholders that the Minority’s engagement drive will be continuous.

Feedback from these consultations, he emphasised, will directly inform parliamentary advocacy and policy proposals, ensuring that economic policies are both data-driven and reflective of the lived experiences of Ghanaian businesses, farmers, and citizens.