The Institute of Economic Research and Public Policy (IERPP) has declared Ghana’s 2025 Mid-Year Budget “contradictory and misleading,” citing inconsistencies between unchanged macroeconomic targets and adjusted revenue-expenditure figures.
Professor Isaac Boadi, IERPP Executive Director, asserted the review presented to Parliament on July 24 undermines fiscal credibility despite touting inflation improvements and currency stability.
According to official records, the budget revised government revenue upward by 1.3% while trimming expenditure marginally from GH¢270.9 billion to GH¢269.5 billion, yet maintained original growth and deficit targets. “Changing the recipe but expecting the same dish defies logic,” Boadi stated at an Accra press conference, noting the absence of corresponding target revisions violates budgetary prudence.
He further criticized “selective data presentation”:
-
Primary surplus claims rely partly on deferred expenditures and underperforming oil revenues/grants
-
Arrears clearance and project loan disbursements fell drastically, risking long-term investment execution
-
Short-term domestic borrowing (treasury bills) escalates rollover risks amid elevated public debt
“The financing gap is bridged unsustainably,” Boadi warned, adding that moving fiscal goalposts threatens transparency. “Ghana’s credibility hinges on aligning stated intentions with actual maneuvers.”
The critique intensifies scrutiny of President Mahama’s economic management following earlier warnings about structural vulnerabilities from University of Ghana economists.