Finance Minister Dr. Cassiel Ato Forson has described the 2025 budget as one of Ghana’s most credible frameworks while criticizing the NPP’s economic strategies, which he claims are unsustainable. He also expressed discontent with the previous administration’s legacy and financial practices, particularly concerning domestic bond defaults and burdens on the energy sector, earmarking GHC28 billion for stabilization efforts.
In a recent presentation to Parliament, Finance Minister Dr. Cassiel Ato Forson asserted that the 2025 budget represents one of the most credible financial frameworks in Ghana’s history. He addressed concerns on March 14, 2025, emphasizing the need for citizens to evaluate the budget’s credibility after a complete fiscal year. Dr. Forson articulated, “This is my first budget. Let’s see how the year ends and judge me.”
Dr. Forson criticized the opposition New Patriotic Party (NPP) for their economic strategies, specifically denouncing their reported economic growth as unsustainable, primarily fueled by illegal small-scale mining, known as galamsey. He stated, “The growth NPP projected last year came from galamsey. If you’re growing on the back of illegal mining and you clap, that sort of growth isn’t sustainable.”
The Finance Minister expressed disappointment regarding the legacy of the Akufo-Addo administration, suggesting they should feel remorse for the difficulties faced by the Ghanaian populace. He commented, “Maybe they [Akufo-Addo administration] don’t appreciate what they have caused the people of Ghana. I was rather expecting them to apologise and be remorseful for what they’ve done to the Republic of Ghana.”
Additionally, he accused the NPP of undermining Ghana’s financial credibility by defaulting on domestic bonds, marking a historical first for any government in the nation. Dr. Forson remarked, “NPP has a record of defaults and setting bad records. In the history of Ghana, no government has defaulted in the payment of domestic bonds before — except NPP.”
Regarding the budgetary allocations, Dr. Forson revealed that GHC28 billion has been set aside for the energy sector to address outstanding debts and stabilize operations. He noted, “We allocated GHC28bn to the energy sector because of what we inherited. The energy sector is churning out a debt of $2.2bn every year.”
The discussions initiated by Dr. Forson indicate a potentially vigorous debate in Parliament as the institution prepares to review the 2025 budget proposals in the near future.
In summary, Finance Minister Dr. Cassiel Ato Forson labeled the 2025 budget as a credible financial strategy for Ghana, criticizing the NPP for unsustainable economic practices and a lack of accountability. He emphasized the need for adequate budgetary allocations to stabilize the energy sector while addressing what he perceives as the detrimental legacy of the previous administration, further highlighting the historical context of financial defaults under the NPP.
Original Source: 3news.com
