The NPP Minority claims the Mahama-led government borrowed GH¢73 billion in two months, with expectations of total borrowing reaching GH¢200 billion by year-end. Concerns raised include large budget allocations and comparisons to past administration borrowing patterns. Former Finance Minister Adam accuses the government of manipulating fiscal data to support its claims.
The Minority in Parliament, represented by the New Patriotic Party (NPP), has accused the Mahama-led government of borrowing GH¢73 billion within two months since taking office on January 7, 2025. Dr. Gideon Boako, MP for Tano North, informed the media during a press briefing that the Finance Minister is set to borrow an additional GH¢6 billion, increasing the total borrowing to GH¢79 billion by mid-March 2025.
Dr. Boako warned that if the current borrowing trend continues, the government could potentially borrow GH¢200 billion by the end of the year. He compared this to the previous Akufo-Addo administration, which borrowed less than GH¢15 billion in its first year. He also expressed concern over significant budget allocations such as GH¢2.7 billion for the Office of the Government Machinery (OGM), which dwarfs the previous year’s GH¢326 million.
Moreover, Dr. Boako highlighted the GH¢78.8 million budgeted for Government Communications, which exceeds the combined budgets of four ministries from the past NPP government. He referenced a GH¢50 million allocation exclusively for the Research Department of the OGM, questioning the rationale behind these large sums.
Dr. Mohammed Amin Adam, former Minister of Finance, further criticized the ruling National Democratic Congress (NDC) government’s approach, accusing it of manipulating fiscal data to falsely claim they inherited a poorly managed economy. He characterized this as a strategy initiated by the President, noting it is a recurring theme in official communications, including the State of the Nation address and the National Economic Dialogue. Dr. Adam emphasized that the 2025 Budget would likely serve to validate these unfounded claims with fabricated data.
The NPP Minority has raised serious concerns over the government’s rapid borrowing, totalling GH¢73 billion in just two months, with projections suggesting it may reach GH¢200 billion by year-end. Comparisons to previous borrowing trends under the Akufo-Addo government reveal a stark increase. Significant allocations within the budget also raise questions about the financial management of the current administration and its narrative surrounding the economy’s inherited state.
Original Source: www.ghanabusinessnews.com
