The Minority in Parliament has attacked Finance Minister Dr. Cassiel Ato Forson, accusing him of dishonesty and political spin in his presentation of the 2025 Mid-Year Budget Review.
At a press conference held in Parliament, former Finance Minister and Member of Parliament for Karaga, Dr. Mohammed Amin Adam, flanked by MPs Kojo Oppong Nkrumah and Gideon Boako, described the budget as “deceptive, misleading, and filled with propaganda economics.”
Dr. Amin Adam accused the Minister of taking credit for economic gains achieved through debt restructuring deals negotiated by the previous New Patriotic Party (NPP) administration. “It is public knowledge that it was under the NPP government that Ghana secured a $5 billion debt cancellation and $4.7 billion in debt service savings. That’s the real debt relief—not this political theatre,” he said.
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The Minority took issue with Dr. Forson’s claim that Ghana’s debt-to-GDP ratio had fallen from 61.8% in December 2024 to 43.8% by June 2025, challenging the basis for such a drastic improvement within six months. “How much of Ghana’s debt has the Mahama administration actually repaid?” Amin Adam questioned.
Citing a June 2025 Fitch Ratings upgrade of Ghana’s credit rating from ‘Restricted Default’ to ‘B-’, the Minority argued that the development stemmed from a Eurobond restructuring deal concluded in October 2024—prior to Dr. Forson’s assumption of office.
“Fitch was clear—the upgrade was due to the successful restructuring of $13.1 billion in Eurobonds. Dr. Forson was not Finance Minister at the time. To claim that as your achievement is not only dishonest, but insulting to the intelligence of Ghanaians,” Dr. Amin Adam stated.
Kojo Oppong Nkrumah, adding to the critique, dismantled the Minister’s claim that the cedi had appreciated from GH¢17 to GH¢10.4 to the dollar. “The cedi never traded at GH¢17 under the NPP. Even the Minister’s own budget document states a 42.6% appreciation—this would only be accurate if the previous rate was around GH¢14.7. The claim of GH¢17 is a complete fabrication.”
The Minority went further to highlight the rising cost of living as the true reflection of the economy’s performance. Prices of basic goods such as cement (GH¢90 to GH¢130), bread (GH¢18 to GH¢45), deodorant (GH¢35 to GH¢70), and kenkey (GH¢3–5 to GH¢5–7) were cited as evidence that the so-called economic recovery had not reached the ordinary Ghanaian.
“These are the real indicators—go to Malata, Techiman, or Adum and ask the people how far their cedi goes,” said Boako. “What we see from this government is a fixation on figures that do not reflect real life.”
On fiscal policy, the Minority lambasted the government’s reliance on tax increases to fund spending. They cited a GH¢3 billion revenue shortfall despite the introduction of eight new taxes, including the 3% Growth and Sustainability Levy, a 21.9% VAT on non-life insurance, and the newly imposed Fishing Levy on marine gas oil.
They described the situation as “fiscal robbery,” not consolidation. “If fiscal consolidation comes at the cost of overburdening the taxpayer, then it is not progress—it is punishment,” the Caucus said.
While commending the continuation of the NPP-initiated Gold Purchase Programme and the enforcement of tight monetary policy, the Minority demanded transparency from the Bank of Ghana on its financial support to Goldbod, warning that it could breach Ghana’s agreement with the IMF.
“We call on the Bank of Ghana to disclose the full extent of its monetary financing to Goldbod, in the interest of transparency and accountability,” the MPs demanded.
In conclusion, the Minority called on Dr. Ato Forson to show humility and acknowledge the strong foundation laid by the previous administration. “Ghanaians need real relief—not repackaged rhetoric and self-praise,” they said.