The Minority Caucus in Parliament has strongly criticized the 2025 Budget presented by the Minister of Finance, describing it as misleading, deceptive, and a betrayal of Ghanaians’ trust.
At a press conference held after the budget presentation, the Minority Caucus accused the government of manipulating economic data, misrepresenting fiscal figures, and failing to address the pressing cost-of-living crisis.
The Minority Caucus questioned the government’s claim that the economy had been “reset” and was now on a stronger footing, arguing that available data contradicted this assertion.
“An economy that was broken recorded 5.7% growth, while a so-called ‘reset economy’ is projected to grow at 4%. How can we say that this reset economy will be better than the economy that President Mahama was accused of criminally mismanaging?”
Minority Caucus in Parliament
The Minority described the government’s 2025 growth projection of 4% as “disturbing and disappointing,” suggesting that it undermined the credibility of the ruling administration’s economic recovery claims.
The Minority also criticized the government’s handling of Ghana’s gross international reserves. They pointed out that the NPP left behind $8.9 billion in international reserves at the end of 2024, which equated to four months of import cover.
However, the 2025 budget projects that the new government will only achieve three months of import cover, even lower than what the NDC left in 2016 (3.5 months).
“If a broken economy could leave behind four months of import cover, how come a reset economy is contemplating going back to three months? Are we moving forward or backward?”
Minority Caucus in Parliament
Addressing concerns over Ghana’s debt levels, the Minority Caucus refuted claims that the previous NPP government had recklessly borrowed, arguing that Ghana’s debt-to-GDP ratio stood at 61.8% by the end of 2024—far better than the 73% recorded under the NDC in 2016.
The Minority also pointed out that Ghana was now just six percentage points away from the IMF target of 55% debt-to-GDP by 2028, warning that the new administration’s borrowing habits could jeopardize the country’s progress toward debt sustainability.
“Looking at the way they have started borrowing, I am worried if they will not jeopardize the gains that we have handed over to them.”
Minority Caucus in Parliament
Fiscal Deficit: Accusations of Data Manipulation
The Minority Caucus accused the government of manipulating fiscal deficit figures to paint a gloomy picture of the economy. They argued that the government had created a new expenditure line called ‘unreleased claims’ amounting to GHS 49 billion, which artificially inflated the deficit.
“These are cooked figures! They have manipulated the data, and we know how they did it.”
Minority Caucus in Parliament
They further insisted that the actual primary balance left by the NPP government was a surplus of 0.7%, contrary to claims that the previous administration had left behind a large deficit.
The Minority also criticized the finance minister for declaring that Ghana had breached the IMF program conditions, arguing that such pronouncements should have come from the IMF itself after its review in April 2025.
They warned that such premature declarations could harm investor confidence and deter much-needed foreign direct investment.
The Minority also took issue with the government’s much-publicized $10 billion Big Push infrastructure agenda, revealing that only $800 million had been allocated for it in the 2025 budget.
“If they even increase the allocation to $1 billion per year, they will not even reach $5 billion by the end of their term. So the jobs they are promising Ghanaians are Sakawa jobs! The jobs will not come.”
Minority Caucus in Parliament
The Minority dismissed the 24-hour economy policy as another gimmick, citing data that showed industry grew by 7% in 2024 under the NPP, yet projections from 2025 to 2028 indicate an average 5% growth rate.
The Minority slammed the 2025 budget for failing to address key cost-of-living concerns, such as rising transport fares due to increasing fuel prices, Higher electricity and water bills, and the lack of concrete measures to reduce petroleum product prices
“We thought that after campaigning on the cost-of-living crisis, they would present a budget that addresses transport fares, energy bills, and petroleum prices. But they have failed Ghanaians!”
Minority Caucus in Parliament
Hidden Taxes: “A Smart Trick”
The Caucus accused the government of misleading Ghanaians by claiming to have abolished VAT on motor insurance, while simultaneously reintroducing VAT on non-life insurance policies.
They also criticized the government for increasing the Growth and Sustainability Levy for the mining sector from 1% to 3% while extending the sunset period to 2028.
“How can you tax a sector that is giving you growth? This is not good for industry, not good for economic growth, and not good for the people.”
Minority Caucus in Parliament
The Minority condemned the Gold Board initiative, revealing that $279 million had been allocated from the budget to finance it.
“The Bank of Ghana funded the Gold-for-Oil program from a revolving fund without burdening taxpayers. Now, they want to fund the Gold Board from the budget. This is ‘create, loot, and share,’ and we will resist it.”
Minority Caucus in Parliament
The Minority rejected claims that there was no dedicated funding for Free SHS, explaining that the program was funded through the goods and services component of the Annual Budget Funding Amount (ABFA).
The Minority Caucus concluded that the 2025 budget was a fraudulent document that failed to offer real solutions to the economic challenges facing Ghanaians.
They vowed to hold the government accountable and resist any policies that would further burden the Ghanaian people.
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