The Member of Parliament for Ofoase-Ayirebi and a Ranking Member on the Economic Committee, Hon. Kojo Oppong Nkrumah has urged the government to remain truthful to the economic realities in its 2025 budget to be presented by the Finance Minister Dr. Ato Forson.
Oppong Nkrumah began by stressing the importance of the Mahama administration’s commitment to its campaign promises.
“First is that the commitments that this administration made during the campaign period, which is then translated into what you call a social contract with the people of Ghana, will be fulfilled. They made about 273 economic promises.”
“Of course, you don’t expect that they’ll fulfill all of it in the first year, but you want to see the major ones fulfilled in this first campaign, manifesto, which is translated into a budget.”
Hon. Kojo Oppong Nkrumah Member of Parliament for Ofoase-Ayirebi
A critical concern raised by the MP was the need for the government to present an honest account of the economic situation. He argued that misrepresenting economic data could have dire consequences, particularly for investor confidence.
“You recall the president said that this economy had been criminally managed. Yet, the days after that comment, the market started reacting, he pulled back.”
Hon. Kojo Oppong Nkrumah Member of Parliament for Ofoase-Ayirebi
According to Oppong Nkrumah, the finance minister had the responsibility to avoid political rhetoric and instead focus on facts.
“This is the third opportunity they have, and already you can hear the decibel levels going up on NDC platforms, NDC social media that they should come and tell a very bleak story of the economy.”
Hon. Kojo Oppong Nkrumah Member of Parliament for Ofoase-Ayirebi
He urged the finance minister to remain honest about Ghana’s economic performance and to avoid sensationalism.
Oppong Nkrumah highlighted that beyond campaign promises and economic records, Ghanaians expected the budget to address pressing economic concerns such as cost of living, transportation, fuel prices, unemployment, and infrastructure development.
Commitment to Fiscal Consolidation
The MP reminded the government of the bipartisan agreement on fiscal consolidation and the need to ensure that the budget reflects this commitment.
“There are [several] things that across the divide we had agreed on before the election, particularly the fiscal consolidation strategy. And [we] expect that in this budget, apart from all the rhetoric and the propaganda, we see the numbers reflect fiscal consolidation.”
Hon. Kojo Oppong Nkrumah Member of Parliament for Ofoase-Ayirebi
He expressed concerns that some members of the ruling party might attempt to manipulate economic data to justify excessive spending, urging the finance minister to resist such pressures.
When asked why there was a concern about the government being truthful with economic data, Oppong Nkrumah explained that GDP and fiscal deficit figures should be straightforward. However, he noted that political actors sometimes manipulated these numbers to fit a particular narrative.
“When the finance minister went to the national economic dialogue, he also pulled back. He didn’t do propaganda. He stuck to the facts.”
“The minister responsible for finance should not fall prey to the hawks in his party who are asking that they should come and paint a very bleak picture, because the markets will react. They’ll scare away investors, and it will not even be true to the economic record.”
Hon. Kojo Oppong Nkrumah Member of Parliament for Ofoase-Ayirebi
Caution Against Inflated Expenditure Claims
Oppong Nkrumah warned against a repeat of past mistakes where unverified expenditure claims led to excessive payments and judgment debts.
“In 2009, when Dr. Kwabena Duffuor was finance minister, he accepted a lot of those claims and created a new line in the budget called judgment debt. And you recall how it was then exploited for ‘create, loot, and share’ opportunities eventually.”
Hon. Kojo Oppong Nkrumah Member of Parliament for Ofoase-Ayirebi
He cautioned that if the current administration failed to conduct due diligence on financial claims, it could fall into the same trap.
Regarding expenditure cuts, Oppong Nkrumah called for concrete and measurable reductions rather than vague commitments to reducing “wasteful expenditure.” He argued that such claims were subjective and ineffective.
He stressed that expenditure cuts should be specific and tied to measurable targets, as outlined in the fiscal consolidation strategy.
“Dr. Bawumia was clear that we were going to cut 3% of GDP, and so you can measure it and see it in the numbers.”
Hon. Kojo Oppong Nkrumah Member of Parliament for Ofoase-Ayirebi
He warned that simply reducing the number of ministers would not necessarily translate into lower government expenditure.
“If, for example, I have 80 ministers and it’s costing GHS 100 million to run government machinery, and you have 60 ministers and it’s costing GHS 120 million, the numbers are exposing the fact that in rhetoric, you’ve told us you’ve reduced. But in terms of the cost to the exchequer, it’s gone up.”
Hon. Kojo Oppong Nkrumah Member of Parliament for Ofoase-Ayirebi
Hon. Oppong Nkrumah reiterated his call for the government to approach the budget with truthfulness, fiscal discipline, and a focus on economic growth. He urged the finance minister to avoid political gimmicks and instead present a budget that reflected Ghana’s true economic state while committing to sustainable development.
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