The New Patriotic Party (NPP) Minority in Parliament has described the 2025 Mid-Year Budget Review presented as ‘a propaganda piece laced with half-truths and untruths.’
It also accused the National Democratic Congress (NDC) government of taking credit for debt restructuring achievements initiated under the Akufo-Addo administration.
Speaking at a news conference in Parliament on Tuesday July 29, 2025, the Ranking Member on the Finance Committee, Dr Mohammed Amin Adam together with Ranking Member on Economy and Development Committee, Mr Kojo Oppong Nkrumah; and Dr Gideon Boako, Deputy Ranking on the Finance Committee, described several of the Minister’s claims in the mid-year budget review as “factually false and politically motivated.”
Dr Amin Adam, who is also the Member of Parliament (MP) for Karaga and former Finance Minister, noted that the Finance Minister’s remarks on public debt were grossly misleading.
Finance Minister Dr Cassiel Ato Forson had told Parliament that Ghana’s public debt-to-GDP ratio had declined from 61.8% in December 2024 to 43.8% in June 2025, which he attributed to prudent economic management.
However, the Minority group questioned how much of the actual debt had been repaid to warrant such a claim.
“It is no secret that the painstaking efforts the NPP government made to restructure our debts…led to outright debt cancellation of US$5 billion and debt service savings of US$4.7 billion. What then did the NDC government do to claim a reduction in the public debt?” Dr Amin Adam, who is also the Ranking Member on Finance, questioned.
The Minority also disputed the Finance Minister’s claim of credit rating improvement, citing Fitch’s June 2025 statement which linked the upgrade directly to the October 2024 Eurobond restructuring under the previous administration.
“Was Dr Ato Forson the Finance Minister in October 2024?” Dr Amin Adam further questioned.
Cedi depreciation propaganda
The Ranking member on the Economy and Development Committee of Parliament, Mr Oppong Nkrumah, took issue with the Finance Minister’s reported claim that the cedi had strengthened from GH¢17 to GH¢10.4 to the US dollar.
“This is simply false,” he said, adding that “The cedi never traded at GH¢17 under the NPP government. At the time of handover, it was around GH¢14.70.
According Mr. Oppong Nkrumah who is also the MP for Ofoase-Ayirebi, “the Finance Minister’s own document confirms a 42.6% appreciation, which matches a rate closer to GH¢14, not 17. This deliberate distortion must be corrected.”
Inaccuracies
Deputy Ranking Member on Finance Committee, Dr Boako, also challenged the Minister’s claim of a historic 15.6% reduction in debt accumulation within six months, pointing out that this was neither unprecedented nor accurately represented.
“Ghana’s external debt dropped by GH¢141.8 billion in December 2022 due to cedi appreciation alone—far more than the current figures being trumpeted,” he explained.
Dr. Boako, who doubles as the MP for Tano North, attributed much of the recent debt-to-GDP ratio improvement to initiatives undertaken by the previous administration, including debt relief agreements and GDP growth driven by policies initiated before 2025.
Call for humility
The Minority called on the Minister to show humility and acknowledge the solid economic foundation he inherited.
According to them, the credit for recent improvements should be shared with the previous administration, rather than used to falsely rewrite the narrative.
“Ghanaians deserve honest and credible leadership, not data manipulation for political survival,” the statement concluded.
Minority bemoans dollar shortages
As part of bringing out inconsistency in the mid-year budget review, the Minority raised alarm over the adverse impact of persistent dollar shortages on Ghanaian businesses, accusing the government of mismanaging the foreign exchange (FX) market.
This situation, according to the minority group, has left importers and traders stranded, casting doubt on the Finance Minister’s claim that the Ghanaian cedi is “picking up.”
According to the Minority, the mid-year budget review failed to provide sustainable solutions to the worsening FX crisis.
“The shortage of dollars in the banks has become so pronounced that importers have gone public to express their frustration,” the group stated.
They added that the disparity between interbank rates and forex bureau prices has deepened uncertainty in the business community.
The Minority further pointed to IMF disclosures that the Bank of Ghana injected over US$1.4 billion into the market during the first quarter of 2025, despite official denials.
“These interventions are ad hoc, opaque, and lack a rule-based framework,” the Minority warned, arguing that the market remains volatile and unpredictable for businesses.
The NPP MPs insisted that the government’s management of the FX market is undermining private sector confidence.
“From spare parts dealers to food importers, the business community is being suffocated by delays, scarcity, and unpredictable pricing,” the Minority stated.
They emphasised that the lack of a coherent policy has made planning nearly impossible for many small and medium-sized enterprises (SMEs).
Calling for urgent reforms, the Minority proposed that a future NPP government would prioritise FX stability by boosting domestic production, enhancing transparency in FX transactions, and reducing dependency on imports.
“We cannot continue to watch Ghanaian businesses struggle while the government pretends all is well. The people deserve better,” they concluded.
