The NPP Minority claims the Mahama-led government borrowed GH¢73 billion in two months. Concerns have been raised over additional borrowings and significant budget allocations, contrasting these with previous administrations. Calls for accountability in fiscal management have emerged amidst allegations of the government’s economic narrative manipulation.
The Minority in Parliament, representing the New Patriotic Party (NPP), has raised serious concerns regarding the government’s borrowing practices. They allege that the Mahama-led administration has incurred debts totaling GH¢73 billion within just two months since taking office on January 7, 2025. Dr. Gideon Boako, the MP for Tano North, disclosed that an additional GH¢6 billion borrowing from the domestic stock market is expected on March 14, bringing the total debt to GH¢79 billion.
Dr. Boako cautioned that, if the current borrowing trend persists, the government could accumulate a staggering GH¢200 billion in debts by year-end. He contrasted this with the financial discipline exhibited by the Akufo-Addo administration, which reportedly borrowed no more than GH¢15 billion in its initial year in 2017. Furthermore, he questioned the allocation of GH¢2.7 billion to budget compensation for the Office of the Government Machinery, noting it is significantly higher than the GH¢326 million earmarked by the former NPP government in 2024.
Additionally, the Caucus raised concerns about the GH¢78.8 million allocated to the Government Communications under Felix Kwakye Ofosu, remarking that this amount surpasses the budgets of four ministries from the previous government. An allocation of GH¢50 million to the Research Department of the OGM also drew scrutiny.
Dr. Mohammed Amin Adam, a former Finance Minister and current MP for Karaga, accused the ruling National Democratic Congress (NDC) government of manipulating fiscal data to support its claims of inheriting an unstable economy from the past administration. He remarked that this pattern began with the President’s address to the State of the Nation and continued at the National Economic Dialogue, suggesting that the 2025 Budget would be a tool for legitimizing these claims with numerical evidence.
In summary, the Minority in Parliament has voiced significant alarm over the government’s rapid borrowing, alleging GH¢73 billion in debts over two months. Concerns surrounding the fiscal management strategies employed by the government have emerged, emphasizing discrepancies in budget allocations compared to previous administrations, particularly in communication and research funding. The allegations suggest a broader narrative where the current government’s financial handling is under scrutiny, indicating a need for accountability in economic management.
Original Source: www.ghanabusinessnews.com
