Finance Minister Defends 2025 Budget as Ghana Faces Economic Challenges

Finance Minister Dr. Cassiel Ato Forson presented what he termed the most credible budget in Ghana’s history. In his interview, he criticized the NPP’s handling of the economy and their reliance on unsustainable practices like galamsey. He emphasized the NPP’s record of defaults on domestic bonds and highlighted significant allocations for the energy sector, setting the stage for upcoming parliamentary discussions.

Finance Minister Dr. Cassiel Ato Forson presented the 2025 budget to Parliament on March 11, asserting its credibility as one of Ghana’s most trustworthy financial plans. In an interview with TV3 on March 14, he addressed criticisms of the budget while targeting the opposition, the New Patriotic Party (NPP), for their economic management during their governance.

Dr. Forson proclaimed, “This is my first budget. Let’s see how the year ends and judge me. You’ll know that the 2025 budget will be one of the most credible budgets in the history of the Republic of Ghana because we promised and delivered.” He also criticized the NPP’s reported economic growth, attributing it to unsustainable practices such as galamsey, or illegal small-scale mining.

He cautioned against reliance on such growth, stating, “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.” Expressing dismay about the last administration’s impact, Dr. Forson expected the NPP to acknowledge the challenges faced by Ghanaians. “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,” he lamented.

Furthermore, Dr. Forson accused the NPP of damaging Ghana’s financial standing by being the first government to default on domestic bonds. He asserted, “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 budget allocations, he revealed that GHC28 billion is allocated to the energy sector to address inherited debts and stabilize operations. “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,” Dr. Forson explained. His statements have initiated expectations of robust discussions in Parliament as the proposed budget undergoes scrutiny in the following weeks.

The presentation of the 2025 budget by Finance Minister Dr. Cassiel Ato Forson has generated substantial dialogue regarding its credibility and the economic legacy of the previous administration. By addressing concerns about economic sustainability and highlighting budget allocations, particularly in the energy sector, Dr. Forson sets the stage for an intensive examination of the budget in Parliament. His remarks underscore the importance of accountability and responsible economic management for the benefit of all Ghanaians.

Original Source: 3news.com