The Member of Parliament for Abura-Asebu-Kwamankese and Minister for Government Communication, Felix Kwakye Ofosu, has mounted a strong defence of the 2026 Budget, applauding the Finance Minister for presenting what he described as “an inspiring budget that charts a clear path toward rapid economic recovery and socioeconomic development.”
Speaking during Wednesday’s budget debate in Parliament, Kwakye Ofosu dismissed criticisms from the Minority, accusing the former New Patriotic Party (NPP) administration of leaving behind a severely broken economy.
“There is no debate about the fact that the economy we inherited from them was in shambles. It is a matter of public record. It is not subject to interpretation or opinion,” he asserted.
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The Minister pointed to a series of economic indicators, which he said demonstrated the unprecedented state of distress the NPP left behind. According to him, Ghana experienced its first-ever debt default under their watch, credit ratings dropped to “borla” status, the cedi plunged to GH¢17 to the dollar, inflation hit 54%, and more than 1.3 million bondholders suffered painful haircuts during the debt restructuring process.
“These are not disputable facts. The damage was extensive and undeniable,” he stressed.
The Minister argued that the 2026 Budget reflects the new administration’s swift efforts to stabilise the economy. He cited renewed investor confidence, improved macroeconomic indicators, and recovery in key sectors.
He highlighted the following gains: Credit ratings upgraded from junk to B-; cedi stabilised at GH¢10.9 on the interbank market and GH¢11–11.5 at forex bureaus; inflation reduced from 54% to 8%, with projections to hit 6.5%; primary balance improved from -3.5% to a 1.6% surplus; fuel prices reduced 10 consecutive times, providing consumer relief; over 4,500 items have seen price reductions due to a stronger currency; and transport fares reduced by 15%, the biggest cut achieved through negotiations
“Ghanaians have seen relief because of responsible economic management under President John Dramani Mahama,” he maintained.
Kwakye Ofosu rejected claims from the Minority that the Budget imposes excessive austerity. Instead, he said the Finance Minister had implemented responsible expenditure adjustments in response to reduced revenues—something the previous government failed to do.
“If revenue suffers, you adjust your expenditure. That is basic. It was their inability to do this that led to three consecutive years of reckless deficits.”
He praised the Minister for prioritising essential spending while reducing wasteful
The Minister also pointed to significant improvements in disbursements to government agencies and Metropolitan, Municipal and District Assemblies (MMDAs).
He revealed that the Abura-Asebu-Kwamankese District Assembly, which received only GH¢298,000 in 2024, had by mid-2025 received GH¢6.5 million under the new administration.
This, he said, enabled the completion of eight major projects that had stalled under the previous government.
He further highlighted progress in social intervention programmes: NHIS is reporting a healthy financial balance; free SHS received GH¢1.3 billion for feeding and operations, reducing complaints about food shortages. “This Minister is spending—he is just spending in the right places,” Kwakye Ofosu emphasised.
Responding to criticisms about slow infrastructure development, he said the government had budgeted GH¢10.9 billion for infrastructure expansion, with 33 major projects already seeing significant progress.
He argued that many of these projects had been neglected or lacked funding under the previous government.