Minority Describes Government’s New Economy As A “Scam”

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The Minority in Parliament has criticised the Government’s proposed New Economy Programme, arguing that it bears a striking resemblance to the 24-hour economy initiative.

Speaking at a press conference, the Member of Parliament for Ofoase Ayirebi, Honourable Kojo Oppong Nkrumah asserted that the Government is resorting to new announcements to divert public attention from its record of implementation. He questioned the rationale for introducing a new economic programme when several commitments under the 24-hour economy initiative are outstanding.

“And this new economy is a scam. It’s a scam, as explained. It’s the old failed promises which have been repackaged with a new branding, some new colors just like how they did to the gold purchase program which they now rebranded as Goldbod.”

Honourable Nkrumah identified “three recurring approaches adopted by the Government when confronted with its shortcomings.” These are: “intimidation of critics, the publication of favourable economic figures and the announcement of new promises.”

The Ofoase Ayirebi MP drew a comparison with the Government’s rebranding of the gold purchase programme, referencing the transition from the Precious Minerals Marketing Company (PMMC) to Goldbod. He suggested that the proposed New Economy Programme similarly seeks to give an existing initiative a different public identity without resolving its underlying implementation difficulties.

In particular, the Minority believes the proposed programme’s pillars overlap substantially with those previously outlined under the 24-hour economy. These include commercial agriculture, energy, critical minerals, textiles and garments, tourism and pharmaceuticals, which Honourable Nkrumah identified as evidence that the Government is presenting familiar commitments through a new policy framework.

He further questioned whether the new branding would alter the programme’s financing and delivery arrangements. For the Minority, the Government must establish what has changed in substance and explain why earlier commitments should not be subjected to a full assessment before another initiative is launched.

The MP also linked the proposed announcement to “a pattern of substituting fresh promises for measurable results.” He contended that argues should not be expected to abandon scrutiny of the 24-hour economy simply because the administration intends to introduce a differently branded programme.

On the other hand, the Minority in Parliament challenged the Government’s portrayal of economic stability, contending that favourable inflation and exchange rate figures do not adequately represent the financial pressures confronting households and businesses.

The caucus believes the Government’s economic performance must be assessed against purchasing power, employment, access to credit and the cost of essential services ahead of the reading of the 2027 Budget.

The Member of Parliament for Ofoase Ayirebi, Honourable Kojo Oppong Nkrumah identified four areas in which he believes the Government’s economic indicators diverge from conditions experienced by ordinary Ghanaians.

“This government has a mantra of now saying that inflation is at 5.5%. The economy that they are publishing figures about on paper is different from what people are experiencing in their pockets. But colleagues, what is the use of interest rates being down if it is not translating into an increase in the share of credit to the private sector?”

The Ofoase Ayirebi MP attributed the decline in inflation partly to “excessive monetary tightening” pointing to Bank of Ghana accounts showing that GH¢93 billion was locked away in 2025 to manage demand. He further cited a GH¢16 billion cost associated with the tightening measures, while contending that reduced liquidity has weakened commercial activity.

In support of his position, Honourable Nkrumah referenced reports from the Association of Ghana Industries indicating a significant decline in sales from early 2025, which the association attributed to tight liquidity. He also pointed to complaints from traders at Makola and Kantamanto over lower sales, alongside private firms reducing prices to clear stock and avoid accumulating debt.

Beyond business activity, he questioned the relationship between the 5.5 percent inflation figure and increases in essential expenses. He cited electricity tariffs rising by approximately 28 percent, water charges by 13.3 percent and transport fares by about 14 percent since the Government assumed office, while rent increases in some cases ranged between 10 and 15 percent.

The MP also challenged the Government’s employment record, highlighting youth unemployment in Greater Accra, which he placed at nearly 50 percent. He questioned the extent to which lower interest rates have improved access to credit, claiming that private-sector credit as a share of GDP has fallen from levels above 13 percent between 2017 and 2022 to below eight per cent under the current administration.

On currency stability, Honourable Nkrumah disputed the Government’s celebration of the cedi’s 40 percent appreciation in 2025, contending that substantial dollar injections have propped up the currency. He pointed to depreciation of approximately 9.5 percent by September 2026 and nearly 10 percent by early November, while linking currency overvaluation to reduced competitiveness for local producers of rice, maize and other goods.

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