The Ghanaian Parliamentary Minority has launched a scathing attack on the ruling government, accusing it of falsely taking credit for positive debt relief outcomes achieved by the previous Akufo-Addo administration. The Minority’s critique centers on Finance Minister Dr. Cassiel Ato Forson’s pronouncements regarding a purported decrease in Ghana’s debt-to-GDP ratio, from 61.8% in December 2024 to 43.8% by June 2025. The Minority contends that this reported decline is not a result of any new fiscal policies implemented by the current administration but rather a direct consequence of the debt restructuring program meticulously crafted and executed by the preceding New Patriotic Party (NPP) government. They argue that the Minister’s claims are not only misleading but also a blatant attempt to manipulate public perception for political gain, effectively rewriting recent economic history.
The Minority’s statement emphasizes the significant achievements of the NPP’s debt restructuring efforts, which resulted in a substantial debt cancellation of US$5 billion and debt service savings of US$4.7 billion. They pointedly question the basis for the current government’s celebration of purported fiscal prudence, demanding transparency regarding the actual amount of debt repaid under the current administration’s watch. Their argument hinges on the premise that the observed drop in the debt-to-GDP ratio is primarily attributable to the NPP’s comprehensive restructuring program and not to any significant initiatives undertaken by the current government. They challenge the narrative presented by the Finance Minister, suggesting it lacks factual basis and serves only to mislead the public.
Further discrediting the government’s claims, the Minority highlighted a June 2025 Fitch report that explicitly attributed Ghana’s improved credit rating to the Eurobond restructuring completed in October 2024, a period during which the NPP held office. This pointed reference to the timing of the credit rating upgrade serves to underscore the Minority’s assertion that the current administration is reaping the benefits of reforms implemented by its predecessors. The rhetorical question posed by the Minority – “Was Dr Ato Forson the Finance Minister in October 2024?” – directly challenges the government’s narrative and highlights the perceived attempt to misrepresent the timeline of events and claim credit where it is not due.
The Minority’s critique extends beyond the debt-to-GDP ratio and credit rating improvements to encompass what they describe as a broader pattern of “propaganda economics” employed by the current administration. They accuse the government of lacking the integrity to acknowledge the significant contributions made by the previous NPP government in stabilizing the nation’s finances. The Minority contends that the current administration, after vehemently criticizing the NPP’s debt restructuring program, is now conveniently embracing the positive outcomes of that very same program without acknowledging its origins. This perceived hypocrisy forms the core of the Minority’s accusation, framing the government’s narrative as a deliberate distortion of economic realities for political expediency.
The accusation of “propaganda economics” reflects the Minority’s belief that the government is manipulating economic data and narratives to create a false impression of its own competence. This tactic, they argue, is aimed at misleading the public and diverting attention from the actual source of the positive economic indicators. The Minority maintains that the government’s attempts to rewrite economic history are not only disingenuous but also undermine the principles of transparency and accountability in public discourse.
In concluding their statement, the Minority expressed confidence that the Ghanaian public would recognize the government’s tactics for what they are – a politically motivated attempt to rewrite economic history. They believe that the citizens are discerning enough to see through the “propaganda economics” and understand the true source of the positive economic developments. The statement serves as a strong rebuke of the government’s narrative, framing it as a calculated misrepresentation of facts and a betrayal of the public trust. The Minority’s forceful pushback aims to correct the record and hold the government accountable for its perceived distortion of economic realities.
