Finance Minister defends budget statement ...But Minority dismisses claims

The Minister of Finance, Dr Cassiel Ato Forson, has defended the 2025 Budget Statement and Economic Policy, insisting that the government remains fully committed to implementing the International Monetary Fund (IMF) programme, including its structural benchmarks and key performance criteria.

Addressing Parliament at the end of the debate on the budget by members, he emphasised that the proposed measures aimed to establish a stable business environment, introduce innovative solutions to economic challenges and safeguard vulnerable Ghanaians.

“We have a job to do, and we have started fixing the problems. We will do everything to improve the living standards of Ghanaians and take note of all constructive criticisms,” Dr Forson stated.

Dr Forson, who is also the National Democratic Congress (NDC) Member of Parliament (MP) for Ajumako-Enyan-Esiam in the Central Region, outlined key targets for the fiscal year, including reducing inflation to 11.9 per cent, stabilising the exchange rate and accumulating international reserves sufficient to cover at least three months of imports.

Support

The Majority Leader, Mahama Ayariga, expressed strong support for the budget, describing it as realistic.

Mr Ayariga criticised the previous administration’s financial decisions, highlighting the collapse of indigenous banks during the financial sector clean up and the construction of the new Bank of Ghana building at a cost of $261 million amid those challenges.

He also noted the Ghana Water Company’s shift from a GH¢1.1 million profit in 2016 to a GH¢5.9 billion loss in 2023 as indicative of reckless economic management.

Mr Ayariga, who is also the NDC MP for Bawku Central in the Upper East Region, further asserted that President John Dramani Mahama had fulfilled his campaign promises, particularly in reducing wasteful government expenditure and eliminating nuisance levies.

He emphasised that the Ghana Education Trust Fund (GETFund) would receive its full allocation to revamp education and reiterated that infrastructure development remains a priority for the new administration.

Hollow budget

The Minority Leader and New Patriotic Party (NPP) MP for Effutu in the Central Region, Alexander Afenyo-Markin, dismissed the budget as hollow, claiming it failed to acknowledge the economic gains made by the previous administration.

He accused the government of fostering an unfair system where job appointments were based on party affiliation rather than competence.

“Less than three months in office, and all we hear is sack them, sack them. Public servants are losing their jobs simply because they do not have NDC party cards,” Mr Afenyo-Markin alleged.