Minority Blasts 2025 Budget as Deceptive & Hopeless

Minority Slams 2025 Budget: Calls It Deceptive and Lacking Hope for Ghanaians

The government’s 2025 Budget and Economic Policy has disappointed the minority in parliament, which has called it dishonest and unimpressive. They contend that urgent economic issues, especially those impacting young people, are not adequately addressed in the budget.

Minority Leader Alexander Afenyo-Markin noted in his response to the Finance Minister’s budget presentation that the much-anticipated 24-hour Economy program, which was supposed to provide job possibilities, was noticeably missing from the statement.

“The youth have been eagerly waiting for this policy, yet the minister now says it will be introduced later,” he lamented, calling it an empty promise.

Afenyo-Markin went on to attack the government’s economic forecasts, claiming that they presented a bleak rather than hopeful picture. He pointed out that the current government anticipates a lower economic growth rate of 4.0% for 2025, compared to the previous administration’s 5.7% growth rate. He also emphasized the decrease in import cover from four months to three months, which cast doubt on the soundness of the economy.

He also cited ongoing road building projects that purportedly lack the necessary approvals to cast doubt on the government’s commitment to fiscal restraint.

“If financial accountability is to be enforced, then it should begin with the government’s own ministers,” he emphasized.

Former Finance Minister Dr. Mohammed Amin Adam added to the critiques by denouncing the budget for not helping Ghanaians in need. He noted that it lacked policies to lower gasoline prices, transportation tickets, and electricity and water expenses.

The Finance Minister was charged by the Minority of deceiving the public over Value Added Tax (VAT) exemptions in relation to tax policies. They explained that the so-called tax reduction was misleading and that the previous government had already exempted automobile insurance from VAT. Rather, non-life insurance plans were subject to the reintroduction of VAT, which had an impact on an industry that only had 1.1% of the market.

Additional issues were brought up about the mining industry’s Growth and Sustainability Levy, which was increased from 1% to 3% and had a longer sunset time.

“The mining sector is a key driver of economic growth. Why impose additional taxes on it? This will only harm the industry and economic development,” Dr. Amin Adam questioned.

Regarding education, Dr. Amin Adam denied that the Free Senior High School (SHS) program lacked a specific financing source, claiming that the Annual Budget financing Amount (ABFA) was previously used to fund it. He cautioned that allowing free SHS to be funded by the Ghana Education Trust Fund (GETFund) could endanger the growth of the educational infrastructure.

Given that starting a bank required at least GH¢400 million in capital, the Minority characterized the planned Women’s Bank’s GH¢51 million allotment as egregiously inadequate.

“This is another misleading promise to women without any real financial backing,” Dr. Amin Adam asserted.

The Minority also accused the government of redirecting funds meant for the Agenda 111 hospital projects, effectively defunding critical healthcare infrastructure. They expressed skepticism over the allocation of public funds to the Ghana Gold Board (GoldBod), arguing that this could serve as a conduit for corruption.

“In the past, gold purchases and the gold-for-oil program were not funded by taxpayers. Now, introducing budget funding for GoldBod creates opportunities for financial mismanagement,” the Minority warned.

In a final remark, Dr. Amin Adam criticized the government for backtracking on several policies under pressure from the Minority and the public. He announced that the Minority would hold a major press conference to expose further inconsistencies and deceptions in the 2025 Budget.

“This budget is full of half-truths and misplaced priorities. We will continue to hold the government accountable and ensure that Ghanaians see the real picture,” he stated.

The debate over the 2025 Budget is expected to intensify as Parliament scrutinizes its provisions in the coming days.

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