Dr. Mohammed Amin Adam, former Minister of Finance, criticized the 2025 Budget presented by Finance Minister Dr. Cassiel Ato Baah Forson for lacking credibility and transparency. He highlighted a projected GDP growth of 4.4%, lower than the previous year’s 5.7%. Accusations of data manipulation and unverified expenditure claims were also made, urging the government to enhance fiscal accountability and transparency.
Dr. Mohammed Amin Adam, former Minister of Finance under the Akufo-Addo-led government, expressed concerns regarding the credibility of the 2025 Budget presented by Finance Minister Dr. Cassiel Ato Baah Forson on March 11, 2025. He stated that the fiscal projections lack transparency and require public scrutiny. During the presentation, the Minister projected a Gross Domestic Product (GDP) growth rate of at least 4.4% for 2025; however, the NPP Minority Caucus criticized this as lower than the previous year’s growth of 5.7%.
Dr. Amin Adam remarked, “Their projection of the fiscal balance for 2025 makes this budget not credible and requires serious scrutiny by the people of Ghana. We, the minority, call on the International Monetary Fund (IMF) to address this in the spirit of transparency, which is one of the cardinal values of the Fund.” He also criticized the current government for ignoring effective debt management achievements made under the NPP administration, which had successfully reduced the debt-to-GDP ratio to 61.8% by the end of 2024.
Furthermore, Dr. Amin Adam accused the current government of manipulating fiscal data to assert claims of inheriting a mismanaged economy, alleging that GHS 49.2 billion in expenditure claims was inserted without proper verification. He stated, “Before the budget presentation, we warned of clandestine plans by the government to manipulate fiscal data to support its baseless claims.” He indicated that the reported fiscal deficit of 7.6% of GDP and primary deficit of 3.6% of GDP are incongruent with the purported strong revenue performance and expenditure management.
He emphasized that the government’s failure to follow the agreed methodology for computing fiscal balances, particularly regarding the IMF Technical Memorandum, raises concerns. He insisted that the budget should be underpinned by audited expenditure claims only. Dr. Amin Adam pointed out, “It is curious that the Finance Minister would present a budget using unaudited fiscal data to announce conclusions about the state of the economy.”
He further clarified that the methodology requires fiscal balances to be cumulative from the beginning of the fiscal year, excluding unrelated multi-year claims. He concluded by urging the government to prioritize fiscal transparency and accountability to restore the credibility of Ghana’s economic data.
In conclusion, Dr. Mohammed Amin Adam has raised significant concerns regarding the credibility of the 2025 Budget of Ghana, particularly highlighting the lack of transparency in fiscal projections and data manipulation allegations. He calls for urgent scrutiny from the International Monetary Fund and emphasizes the need for the government to uphold fiscal accountability. Enhancing transparency is crucial to maintaining the integrity of economic data in Ghana.
Original Source: www.gbcghanaonline.com
