Franklin Cudjoe, President of IMANI Africa, has defended Finance Minister Dr. Cassiel Ato Forson’s handling of the economy, dismissing criticisms over Treasury bill (T-bill) purchases and inflation control measures.
He questioned the logic behind claims that the minister’s decision not to aggressively buy T-bills at high rates is distorting the market to artificially lower inflation.
Cudjoe highlighted that the interest rates on T-bills have seen a decline, yet critics still find faults with the policy.
“The finance minister is trying hard to pay up the humongous debt the last government left behind, debt it never paid because it suspended debt payments from 2022 until this year 2025 because of the wicked DDEP it introduced.”
Franklin Cudjoe
According to Cudjoe, critics need to be realistic about the scale of the financial challenge inherited by the government.
He ridiculed suggestions that the minister should conjure resources from nowhere to clear the massive debt.
“What were they expecting the finance minister to use in paying the 721bn debt they left behind? His toenails or hair he doesn’t have on his head? What type of economic reasoning is this?”
Cudjoe emphasized that Dr. Forson has already implemented key financial interventions aimed at alleviating economic burdens on Ghanaians.
One of the most significant measures has been the removal of major taxes imposed by the previous administration.
He argued that this policy shift has led to an increase in disposable income for the average Ghanaian, providing much-needed financial relief.
Additionally, Cudjoe noted that fluctuations in utility prices, such as electricity and fuel, are largely influenced by exchange rate movements and inflation—factors tied to policies from the previous government.
He pointed out that the quarterly adjustments in utility tariffs were originally introduced as part of an IMF program under the previous administration.
Accordingly, he argued that this reinforces the idea that Dr. Forson’s efforts are aimed at stabilizing the economy and mitigating unnecessary financial strain on households.
He also debunked unrealistic expectations that inflation should drastically decline within just two months of the new administration taking office.
“The finance minister is trying hard to reduce inflation while not piling up more debt. To expect him to reduce unemployment and reduce all prices within two months is to assume that we were living and swimming in milk and honey under the last government.”
Franklin Cudjoe
Challenges in Borrowing and Debt Repayment
Cudjoe elaborated on the financial constraints faced by the finance minister, emphasizing the challenges in accessing international financial markets due to economic mismanagement.
He pointed out that while the current government has borrowed GHC70 billion within two months to service existing debts, it lacks the borrowing flexibility that its predecessors once had.
He criticized the previous administration for recklessly accumulating debt while having unrestricted access to international capital markets for over six years.
According to Cudjoe, these borrowed funds were squandered on unproductive projects without consideration for their long-term economic consequences, leaving the current government with a heavy financial burden to manage.
“The finance minister has no access to international markets thanks to your bad economic behavior. He has access to only the domestic market and you want him to conjure money from the Atiwa forest?”
Franklin Cudjoe
Touching on the recent criticisms from the opposition and some economic analysts, Cudjoe urged for a more strategic and well-informed approach to discussing the budget.
He suggested that some of the criticisms leveled at the finance minister lacked depth and failed to engage with real policy issues. “Perhaps only one person should have spoken at the press conference, Mohammed Amin Adams, former Finance Minister.”
He advised that a more thorough analysis of the budget would have provided meaningful points for discussion rather than the criticisms that were presented. “These ones you focused on were poorly done.”
Cudjoe called on the opposition, particularly its parliamentary members, to adopt a more pragmatic and constructive stance in their interactions with the government.
He stressed the importance of presenting a clear and strategic alternative vision that acknowledges past mistakes and offers better solutions for the future.
He urged opposition leaders to move beyond criticism and focus on coherent policy proposals that demonstrate lessons learned from their previous governance shortcomings. “They must keep it simple, truthful, and participatory.”
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