The Minority in Ghana’s Parliament alleges the Mahama-led Government borrowed GH¢73 billion in two months. With future borrowing expected to rise to GH¢79 billion, concerns are raised about fiscal management, comparing this to previous administrations’ debt levels. Accusations of fiscal data manipulation by the ruling party are also noted.
The Minority in Parliament of Ghana has accused the government under President Mahama of accruing a debt of GH¢73 billion within just two months since taking office on January 7, 2025. Dr. Gideon Boako, the Member of Parliament for Tano North, revealed these allegations during a press conference, highlighting that the Finance Minister, Dr. Cassiel Ato Forson, is expected to secure an additional GH¢6 billion from the domestic stock market on March 14, raising the total debt to GH¢79 billion.
Dr. Boako underscored the alarming pace of borrowing by the current administration, expressing concerns that if it continues unchecked, the government could accumulate up to GH¢200 billion by year-end. He contrasted this with the previous administration, led by President Akufo-Addo, which did not borrow more than GH¢15 billion in its initial year.
The MP further questioned the substantial GH¢2.7 billion allocated for budget compensation to the Office of the Government Machinery (OGM), noting that this is significantly higher than the GH¢326 million designated for the same office by the previous NPP government in 2024. Additionally, he expressed disbelief over the GH¢78.8 million allocated to the Government Communications Office, surpassing the budgets of four ministries under the previous administration, and a separate allocation of GH¢50 million for the Research Department of the OGM.
Dr. Mohammed Amin Adam, former Finance Minister and current MP for Karaga, accused the ruling National Democratic Congress (NDC) of employing deceptive practices to manipulate fiscal data, asserting that this strategy has been part of a broader narrative to justify claims of a poorly managed economy inherited from the NPP. He emphasized that this narrative has been recurrent in public addresses by the President, particularly during the State of the Nation address and at the National Economic Dialogue. Dr. Adam indicated that the forthcoming 2025 Budget is expected to further validate these claimed misconceptions with misleading data.
In summary, the Minority in Ghana’s Parliament has raised serious allegations concerning the government’s borrowing practices, claiming that a debt of GH¢73 billion has been accumulated within two months. The concerns extend to budget allocations that appear excessive compared to previous administrations. Former Finance Minister Dr. Mohammed Amin Adam has accused the current government of manipulating fiscal data to support these claims. Such developments warrant careful scrutiny and may significantly impact the future fiscal landscape of the nation.
Original Source: www.ghanabusinessnews.com
