Hon. Thomas Ampem Nyarkoh, Ghana’s Deputy Minister of Finance, has mounted a strong defence of the 2025 budget, dismissing criticisms from the opposition New Patriotic Party (NPP) as unfounded and misinformed.
Speaking in Parliament, the Deputy Minister asserted that the budget, presented by Finance Minister Dr Cassiel Ato Forson on the instruction of President John Dramani Mahama, is a well-structured and pragmatic financial plan that prioritizes sustainable economic growth over frivolous expenditures.
Hon. Ampem Nyarkoh took issue with claims by former Finance Minister Dr Mohammed Amin Adam that the 2025 budget had significantly reduced allocations for goods and services, thereby stifling economic growth.
He clarified that while the NPP administration allocated GHS 11.5 billion for goods and services in 2024, the new government had deliberately reduced this figure to GHS 6.9 billion to free up resources for capital expenditure.
“The NPP administration allocated GHS 14.7 billion for capital expenditure in 2024, but under our administration, we have increased it to GHS 21 billion. Between goods and services and capital expenditure, which one will help the economy grow?
“We are focused on expanding the country’s productive capacity by investing in roads, schools, and other critical infrastructure rather than wasteful spending on vehicles and office equipment.”
Hon. Thomas Ampem Nyarkoh, Ghana’s Deputy Minister of Finance
Rebutting GDP Growth Comparisons
Responding to concerns raised by the opposition regarding Ghana’s projected GDP growth rate of 4.4% for 2025, Hon. Ampem Nyarkoh criticized the NPP for making misleading comparisons.
He pointed out that in their own 2024 budget, the NPP had initially projected a growth rate of 2.8%, later revised to 3.2%, while their projection for 2025 under their administration was 4.0%.
“We have set a growth target of 4.4%, which is even higher than the NPP’s own projection for 2025. The opposition must compare apples to apples and stop misleading Ghanaians.”
Hon. Thomas Ampem Nyarkoh, Ghana’s Deputy Minister of Finance
In a scathing critique, Hon. Ampem Nyarkoh highlighted the dire financial situation inherited from the previous administration, particularly the alarming rise in government arrears.
He disclosed that while the NPP had left behind a stock of GHS 49 billion in arrears, additional debts owed by key institutions, such as the Electricity Company of Ghana (GHS 68 billion), COCOBOD (GHS 32 billion), and Independent Power Producers ($1.73 billion), painted a bleak picture of fiscal irresponsibility.
“The most shocking part is that between December 7, when they lost power, and January 7, when they handed over, they made payments totalling GHS 32.7 billion, draining the national coffers. On top of that, they issued bank transfer instructions amounting to GHS 18 billion, which could not be paid simply because there was no money left.”
Hon. Thomas Ampem Nyarkoh, Ghana’s Deputy Minister of Finance
Justifying Transparency in Budget Figures
Hon. Ampem Nyarkoh dismissed accusations by the former Finance Minister that the new government was unnecessarily exposing Ghana’s economic challenges to the international community.
He insisted that it was necessary to provide Ghanaians with an accurate picture of the economy in order to build consensus on the necessary corrective measures.
“We have a responsibility to let Ghanaians know the true state of the economy so we can collectively reset it. We will not misrepresent the data just because the international community is listening”.
Hon. Thomas Ampem Nyarkoh, Ghana’s Deputy Minister of Finance
Contrary to claims by former Minister of State, Finance Hon. Abena Osei-Asare that the 2025 budget lacked provisions for social intervention programs, Hon. Ampem Nyarkoh outlined key measures aimed at improving the welfare of ordinary Ghanaians.
He announced that allocations to the Livelihood Empowerment Against Poverty (LEAP) program had been increased, with the number of beneficiaries rising from 350,000 to 400,000, and the program now indexed to inflation to ensure continuous adjustments.
Additionally, funding for the school feeding program had been raised from GHS 1.3 billion to GHS 1.7 billion, with the daily feeding rate per child increasing from GHS 1.50 to GHS 2.
Addressing menstrual health concerns, he noted that the government had allocated funds for the distribution of free sanitary pads to female students to reduce absenteeism.
Furthermore, a new initiative had been introduced to provide direct financial assistance for tertiary students’ admission fees, easing the burden on struggling families.
Dedicated Funding for Free SHS
Responding to concerns about the sustainability of the Free Senior High School (SHS) policy, Hon. Ampem Nyarkoh revealed that the Mahama administration had secured dedicated funding for the program, unlike the NPP, which has failed to establish a stable financing mechanism over the past eight years.
“In the NPP’s 2017 budget, they indicated that they were seeking stakeholder contributions to fund Free SHS. For eight years, they could not find a reliable funding source. Today, President Mahama has provided a solution, ensuring the program’s sustainability”.
Hon. Thomas Ampem Nyarkoh, Ghana’s Deputy Minister of Finance
In his concluding remarks, Hon. Ampem Nyarkoh urged the opposition to engage in constructive debate rather than blindly opposing government initiatives.
“I understand that you are in opposition, and it is your job to offer criticism. But don’t just criticize for the sake of it. Support a worthy cause. Support President Mahama and Dr. Ato Forson in implementing this sensible budget. This is the only way to fix the mess you left behind.”
Hon. Thomas Ampem Nyarkoh, Ghana’s Deputy Minister of Finance
The Deputy Finance Minister’s strong defence of the 2025 budget has intensified the ongoing parliamentary debate on Ghana’s economic future.
In summing up his argument, he emphasised that the new administration is keen on how effectively it can implement its fiscal policies to stabilize and grow the Ghanaian economy.
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