The Minority in Ghana’s Parliament claims the Mahama-led Government has borrowed GH¢73 billion in just two months since taking office. Concerns are raised about the government’s increasing debt levels, with projections suggesting debts may reach GH¢200 billion by year-end. Notable budget allocations have also been criticized in light of previous government spending.
The Minority in Parliament, representing the New Patriotic Party (NPP), has alleged that the Mahama-led Government has incurred a debt of GH¢73 billion within a mere two months following its assumption of office on January 7, 2025. Dr. Gideon Boako, the Member of Parliament for Tano North, announced this during the Minority’s True Budget Statement delivered at Parliament House.
Dr. Boako indicated that the Finance Minister, Dr. Cassiel Ato Forson, is expected to borrow an additional GH¢6 billion from the domestic stock market on March 14, 2025, raising the total borrowing to GH¢79 billion. He expressed concern that, if the current borrowing trend continues, the government could accumulate a staggering GH¢200 billion in debts by the end of the year.
Further commentary from Dr. Boako highlighted his astonishment at the government’s rapid borrowing rate, comparing it to the Akufo-Addo government, which did not borrow more than GH¢15 billion within its initial year. Additionally, he criticized the allocation of GH¢2.7 billion for budget compensation to the Office of the Government Machinery (OGM), contrasting it with the previous NPP government’s allocation of GH¢326 million in 2024.
Dr. Boako also questioned the allocation of GH¢78.8 million to the Government Communications, which exceeded the budgets of four ministries from the previous administration, in addition to a dedicated GH¢50 million for the Research Department of the OGM.
Dr. Mohammed Amin Adam, former Minister of Finance and Member of Parliament for Karaga, accused the ruling National Democratic Congress (NDC) Government of manipulating fiscal data to propagate unfounded claims regarding the state of the economy inherited from the NPP. He stated, “This is a carefully crafted strategy that has been pursued right from the President himself during his message on the State of the Nation and repeated at the National Economic Dialogue.”
He warned that the 2025 Budget would serve as a means to further validate these narrative claims with data supporting their unfounded assertions.
The allegations made by the Minority regarding the government borrowing GH¢73 billion within two months raise significant concerns about fiscal management. Comparisons with past borrowing patterns reveal a sharp increase that may lead to unsustainable debt levels. Critics express apprehension over specific budget allocations that surpass previous expenditures on governance. Overall, these claims highlight the ongoing debates about economic stewardship and accountability in Ghana’s political landscape.
Original Source: www.ghanabusinessnews.com
