Member of Parliament for Okaikwei Central, Patrick Yaw Boamah, has launched a blistering attack on the government’s 2026 Budget Statement and Economic Policy, describing it as unresponsive to market realities and unfriendly to investors.
The Budget, he said, lacks clear policy direction for key sectors of the economy and fails to inspire confidence both locally and internationally.
Contributing to the Budget debate on Thursday, Hon. Patrick Boamah noted that market reaction to the 2026 Budget was immediate and negative; citing the sharp depreciation of the cedi the day after the 2025 budget was presented.
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“Mr. Speaker, the Ghana cedi experienced significant depreciation against the dollar on Friday, 14th November, just a day after the budget. It tells you how unresponsive and investor-unfriendly our budget was,” he argued.
According to him, the cedi was buying at GH¢10.85 and selling at GH¢11.42, while Forex bureaux recorded selling rates as high as GH¢12.35, signalling deep investor skepticism.
He slammed the government for failing to provide clear policy measures to improve oil revenue, especially in light of sanctions affecting Lukoil, a key stakeholder in the Pecan oil block.
“The Minister of Finance himself admits oil revenue is falling, yet offered no specific policy to fix it. With Lukoil facing U.S. sanctions, I expected a clear strategy from government to shore up our oil revenues,” he said.
Mr. Boamah also questioned the budget’s frequent mention of the private sector, which he counted at least 22 times, arguing that current macroeconomic indicators do not support private investment.
“How do you expect the private sector to respond when non-performing loans stand at 23%? Compare that to 4.2% in Nigeria, 17.4% in Kenya, and 1% in South Africa,” he queried.
He blamed the government’s failure to pay contractors as a key cause of economic stagnation and weak investor confidence.
Touching on infrastructure, the MP dismissed plans for a new expressway between Accra and Kumasi as misplaced priority, insisting that the government should instead complete the ongoing dualisation project.
“What is the crime of the Ghanaian people? From 2009 to 2016 not a single kilometre of road was added. Today, instead of completing the dualisation, we are promised an expressway with no financial model,” he said.
He cited data from the National Road Safety Authority showing 525 deaths on the Accra highway in 2025, with 570 in Ashanti and 335 in Greater Accra, arguing that finishing the dualisation would save lives.
Commenting on the government’s GH¢150 million allocation to fight galamsey, Mr. Boamah welcomed the funding but questioned the seriousness of government’s monitoring mechanisms. He also challenged claims from the Majority Leader that the NDC had never promised a state of emergency in tackling illegal mining, insisting that such promises were made publicly.
“Mr. Speaker, it is on record. The NDC promised a state of emergency on galamsey,” he maintained.
The Okaikwei Central MP also raised serious concerns about the Bank of Ghana’s gold reserve programme, demanding transparency and accountability.
“Who is funding the gold reserve programme? How much gold has been purchased? At what rate and what price? If the Bank of Ghana insists on zero financing for the second year in a row, then how is the Gold Board being funded,” he asked?
He revealed that a response he received from the Ministry of Finance confirmed that no funds had been released to the Gold Board, strengthening his suspicion that the central bank is footing the bill.
Mr. Boamah condemned the Finance Minister for failing to adequately resource ministries and agencies stating, “If Cabinet were to vote today, the Minister of Finance would not score 30%. Even 10% would be a struggle.”
“For government to function properly, the Minister must release adequate resources so Ghanaians can feel the benefits of this budget,” he added.