Alexander Afenyo-Markin

Minority Leader in Parliament, Alexander Afenyo-Markin, has expressed his disappointment with the 2025 budget presentation by Finance Minister, Cassiel Ato Forson, criticizing the government’s avoidance of addressing the 24-Hour economy issue.

Speaking in parliament after the budget presentation, Mr. Afenyo-Markin noted that President John Mahama and his finance minister have failed to address the benefits of the flagship programme, “The 24-Hour Economy,” on two occasions.

He suggested that the government is shying away from it, as it offers no future for the youth.

“Mr. Speaker, we have two instances where the President has failed to address the prospect of the 24-Hour Economy, which was presented to the youth of the country who voted for the current President. Today, the finance minister has equally failed to touch on the policy programme,” he said.

Mr. Afenyo-Markin openly declared that the NDC’s flagship programme, “The 24-Hour Economy,” is a scam, holding no future for ordinary Ghanaian youth.

“The 24-Hour Economy programme by the NDC government is ‘Azaa’; it holds no future for Ghanaian youth. I fail to understand why the party leaders are failing to address the policy,” he added.

BY Prince Fiifi Yorke

play videoMember of Parliament for Effiduase Asokore, Dr. Nana Ayew Afriye

The Member of Parliament for Effiduase Asokore, Dr Nana Ayew Afriye, has stated that his assessment of the 2025 Budget and Economic Policy would be based on how well it aligns with the 2024 manifesto of the National Democratic Congress. (NDC)

Speaking in an interview with TV3 in Parliament ahead of the budget presentation on Tuesday, March 11, 2025, he stated he would scrutinise the budget to determine how resources are allocated to the commitments made by the government.

“I expect that the manifesto promises of the NDC would be there, vis a vis the application of resources. And I think that I’ll give them (the NDC) the benefit of doubt in the sense that it is for me to see what they want to do. They campaigned based upon some issues and they were voted for. So, I reconcile the allocation of resources to what is said and then I’ll give them the opportunity to implement it.

“And in six months, we start doing exposed evaluations and monitoring and then talking about the politics of the application of resources, how efficient and how effective it is. So, my posture today is more of what they said in the manifesto vis a vis what it is and how they are prioritising it,” he added.

The budget aims to address the hopes and aspirations of Ghanaians, while providing a comprehensive assessment of the country’s economic situation.

JKB/AE

Meanwhile, watch as the Minister of Finance presents the 2025 Budget statement

Minister of Finance, Dr Cassiel Ato Forson

The Minister of Finance, Dr Cassiel Ato Forson, had reflected on his journey in Parliament from sitting on the backbench to becoming Ghana’s finance minister.

According to him, the vast experience he has gathered in the legislative chamber has adequately prepared him for the task as finance minister.

Speaking in Parliament during the presentation of the 2025 Budget Statement and Economic Policy, he recounted his journey.

“Standing here evokes a sense of nostalgia as I reflect on my journey in public service. From my early days as a young parliamentarian in this House in the year 2009, destiny has guided my path from a backbencher to a member of the Finance Committee, to a Deputy Minister of Finance, to Ranking Member of the Finance Committee, to Minority Leader, to Majority Leader briefly, and now, Mr. Speaker, as minister responsible for finance.

“Right Honorable Speaker, the invaluable experience I gained in this chamber has shaped my perspective, sharpened my focus, and prepared me for the tasks at hand,” he stated.

He further reaffirmed his commitment to advancing the government’s agenda to address the economic crisis facing the country.

“I fully commit to supporting the president, to fix the economy of Ghana. I take this opportunity to extend my profound gratitude to my constituents, and you, Mr. Speaker, and members of this House across the aisle, for your unwavering support throughout my years,” he stated.

The budget aims to address the hopes and aspirations of Ghanaians, while providing a comprehensive assessment of the country’s economic situation.

JKB/AE

Meanwhile, watch as the Minister of Finance presents the 2025 Budget statement

The government has uncovered GH¢194 billion worth of contracts awarded by Ministries, Departments, and Agencies (MDAs) without approval, deepening Ghana’s economic troubles.

Presenting the 2025 Budget Statement and Economic Policy to Parliament on March 11, Finance Minister Dr Cassiel Ato Forson said these contracts, which make up 16.5% of Ghana’s Gross Domestic Product (GDP), were signed without commencement certificates, in violation of the Public Financial Management Act (Act 921).

“The road sector alone accounts for GH¢100 billion of these unapproved contracts,” Dr Forson said. “Most of these deals were signed without financial clearance, adding more pressure to an economy already struggling with arrears and debt.”

Beyond these unapproved commitments, the government faces GH¢67 billion in outstanding payments owed to contractors, suppliers, and state institutions.

This figure does not include GH¢1.73 billion owed to Independent Power Producers (IPPs) or the GH¢68 billion debt of the Electricity Company of Ghana (ECG) to contractors.

Dr Forson said an audit has been commissioned to verify these arrears before any payments are made. “Not a penny will be paid until we confirm these obligations,” he told Parliament.

Dr Cassiel Ato Forson, Minister of Finance

The Minister of Finance, Dr Cassiel Ato Forson, has assured Ghanaians that the government will shift its focus from relying heavily on taxes to slashing expenditure to address the fiscal deficit and public debt.

He made this statement while presenting the 2025 Budget under the theme: “Resetting the Economy of Ghana We Want” on March 11, 2025, in Parliament.

He indicated that fiscal deficit and public debt strongly featured among the key concerns raised by Ghanaians during the recent National Economic Dialogue.

“Mr. Speaker, Ghanaians, through the recent National Economic Dialogue, have expressed a clear desire for the fiscal deficit and public debt to be reduced through cuts in government spending rather than through only tax measures. We wholeheartedly agree,” he said.

Forson, however, assured that the government will uphold truthfulness, transparency and discipline in its bid to cut spending and save money.

“It will require some sacrifices, truthfulness, transparency and discipline. We will take strong measures to confront the situation head on,” he stated.

He seized the opportunity to call out the previous administration for not establishing any buffers, despite the growing debt servicing obligations to lessen the financial burden.

“There were no provisions to cushion the country against the debt servicing burden we are now facing. After 7th January 2025, the debt service reserve account (sinking fund) had a balance of just US$6,400. When we left office, we had left US$319 in that same account,” he lamented.

VOP/AE

Finance Minister, Dr. Cassiel Ato Forson, has assured Ghanaians that the 2025 Budget is a true reflection of their needs, aspirations, and genuine desires.

Presenting the budget to Parliament on Tuesday, March 11, under the theme “Resetting the Economy for Ghana We Want,” he emphasized that the budget was shaped by extensive consultations with key stakeholders.

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The Minority in Parliament has strongly criticised the National Democratic Congress (NDC) government’s 2025 budget, particularly the job creation promises, which they have labelled as “sakawa jobs,” implying that these positions are unrealistic or fraudulent.

Speaking to the media after Finance Minister Dr Cassiel Ato Forson delivered the budget on Tuesday, 11th March, the minority expressed their dissatisfaction with several aspects of the budget.

They were especially concerned about the government’s promises of job creation.

The minority also took issue with what they saw as contradictory statements from the Finance Minister. While Dr Forson was appealing to investors to come to Ghana, he simultaneously acknowledged that the country’s economy is in a poor state.

The minority argued that such mixed messages could deter potential investors, with one member questioning, “Is he driving away investment? This is not the way to govern a country.”

Another key point of contention was the government’s ambitious US$10 billion “Big Push” initiative. Despite frequent references to the US$10 billion target, only US$800 million has been allocated in the budget for the project.

The minority expressed doubts about the feasibility of the initiative, asking, “How can they claim to spend US$10 billion when only US$800 million has been allocated?”.

They further pointed out that even if the government spends US$1 billion per year, they would not reach the US$10 billion target by the end of their term.

The Minority stressed that the jobs being promised to Ghanaians are unrealistic, emphasising, “The jobs they are promising Ghanaians, they are sakawa jobs.”

They also accused the government of failing to deliver on its promises, particularly in relation to the “Big Push.” “They are already failing in their promise, so far as the Big Push is concerned,” they asserted.

DISCLAIMER: The Views, Comments, Opinions, Contributions and Statements made by Readers and Contributors on this platform do not necessarily represent the views or policy of Multimedia Group Limited.

By Godwill Arthur-Mensah

Accra, Mar. 11, GNA – The New Patriotic Party (NPP) Minority Caucus in Parliament, has described the 2025 Budget and Economic Policy Statement as an “Azaa Budget” (meaning a scam) without offering any hope and inspiration for the Ghanaian youth.

Mr Alexander Afenyo- Markin, the Minority Leader, while commenting on the Budget presented by the Minister of Finance, Dr Cassiel Ato Forson, on Tuesday, said the Budget was full of lamentations, like the President’s State of the Nation Address.

He wondered how a major policy like the 24-hour economy policy, which featured prominently in the electioneering in 2024 was missing in this year’s budget.

The Minority Leader noted that the youth were waiting anxiously to hear how the 24-hour economy policy would bring economic transformation and create jobs, however, they were disappointed to hear that the details of the policy were not ready.

“The budget has no hope or inspiration, but only repetition of social intervention programmes,” Mr Afenyo-Markin stated.

The Minority Leader also wondered how the Government complained bitterly about the state of the economy inherited from the New Patriotic Party Government, describing it as “criminally managed and in crisis” could grow at 5.7 per cent in 2024 as statistics released by the Ghana Statistical Service had revealed.

“The economy in 2024 grew by 5.7 per cent GDP with four months import cover. Under Mahama’s reset, it is projecting four per cent growth and three months import cover,” he noted.

The presentation of the budget comes on the heels of an economic dialogue, organised by the Government last week, which brought together the finest brains and key stakeholders to brainstorm on the current economic challenges.

It is expected that the Budget would spur macro-economic stability, restore good governance, structural policy reforms, infrastructure development, and enhance productivity and economic growth.

GNA

KOA

play videoEwurabena Aubynn is the 2024 NDC Parliamentary Candidate for Ablekuma North

The 2024 National Democratic Congress (NDC) Parliamentary Candidate for Ablekuma North, Ewurabena Aubynn, has voiced her frustration and disappointment with the Electoral Commission due to their lack of engagements with her team.

Speaking exclusively with GhanaWeb on Tuesday, March 11, 2025, ahead of the 2025 Budget presentation in Parliament, the politician accused the Electoral Commission of holding consultations and meetings with her opponent’s camp without informing her or her team.

She expressed her frustrations over the electoral management body’s failure to consult with her team on several occasions regarding pending issues.

She further highlighted a similar situation during the re-collation process of results in her constituency, where they had no prior knowledge about its resumption.

“They’ve been quiet. We do pick information here and there that they engage mostly with the NPP and we do get wind of it, but when it comes to the NDC side, they are quiet. And that has been our complaint. Even when the re-collation was going on, we never get informed,” she disclosed to GhanaWeb.

Aubynn criticised the Electoral Commission for what she described as the institution’s failure to remain neutral.

She questioned why the EC, as an independent and neutral body, would take actions that create the impression of favoring one party over another when the issue involves two parties.

“You know, we either chance on them or we get wind of it. And then before you realise, they are re-collating with the NPP and this has been a worry because why are you, as a referee or supposedly an independent body, trying to play to the gallery of one part of two contesting parties or individuals,” she questioned.

Providing an update on the progress of their lawsuit challenging the Ablekuma North parliamentary results, Aubynn stated that the case is still in court.

She reaffirmed her faith in the judicial system, expressing confidence that the will of the constituents will ultimately prevail.

Currently, the Ablekuma North constituency has no representation in Parliament due to the electoral results being disputed.

Watch the video below:

MAG/AE

In the meantime, catch the latest Twi News on GhanaWeb TV below:

Dr. Cassiel Ato Forson and Ken Ofori-Atta

The Minister of Finance, Dr. Cassiel Ato Forson, at the presentation of the 2025 Budget and Economic Policy statement, gave an update on the debts the country has to pay within the next four years due to the debt restructuring exercise the Nana Addo Dankwa Akufo-Addo-led government embarked on.

According to Dr. Ato Forson, due to the Domestic Debt Exchange Programme (DDEP) undertaken by the Akufo-Addo government, the John Dramani Mahama administration has to pay over GH¢150 billion from 2027 to 2028.

“Mr. Speaker, the Domestic Debt Exchange Programme has resulted in huge domestic debt service payments. Over the next four years, the country is expected to pay about GH¢150.3 billion, representing 11.6% of GDP in domestic debt service obligation alone, of which 73.3% is due in 2027 (GH¢57.6 billion) and 2028 (GH¢52.5 billion).

“The debt service obligations of 2027 and 2028 are major humps. These humps are cancerous and pose a significant risk to the economy, but we shall fix it! Our debt service obligation for this financial year is equally burdensome, with significant humps in February (GH¢9.9 billion), July (GH¢6.2 billion) and August (GH¢10.1 billion),” the minister said.

Dr. Ato Forson also disclosed that the government has to pay over $8.7 billion in external debt due to the Akufo-Addo administration’s restructuring of the country’s external debts.

“Mr. Speaker, beyond domestic maturities, Ghana faces significant external debt service obligations over the next four years totalling US$8.7 billion, representing 10.9% of GDP, with heavy concentration in 2027 and 2028.

“Again, 55% of the total external debt service of US$8.7 billion is due to be serviced in 2027 (US$2.5 billion) and 2028 (US$2.4 billion),” he said.

He said that the action of the Akufo-Addo government has made 2027 and 2028 very debt-heavy years for the country.

He promised Ghanaians that despite the huge task ahead, the Mahama government would rise to the occasion and transform Ghana’s economy.

About the DDEP and the external debt restructuring:

Ken Ofori-Atta, when he was Minister of Finance, on Sunday, December 4, 2022, announced a number of measures under the government’s Domestic Debt Exchange (DDE) programme.

This announcement was in line with the government’s debt sustainability analysis, as contained in the 2023 budget he presented to Parliament on November 24, and it gave entities up to December 30, 2022, to indicate their participation in the programme.

The minister laid out, among other things, the exchange of existing domestic bonds with four new ones, as well as their maturity dates and terms of coupon payments.

Under this initial offer, for bondholders with bonds maturing in 2023, the government promised four new bonds that were expected to mature in 2027, 2029, 2032, and 2037, and 0% interest in 2023, 5% interest in 2024, and 10% interest in 2025, which will continue till the maturity of your bond.

After the restructuring of the domestic debt, Ofori-Atta also moved to do the same for the country’s external debts.

BAI/SEA

Also, watch a compilation of today’s news in Twi here:

Watch videos from the 68th Independence Day celebration below:

The acting CEO of the Precious Minerals Marketing Company, Sammy Gyamfi, has reiterated President John Dramani Mahama’s resolve to avoid imposing harsh tax measures on the public.
Ahead of the 2025 budget presentation by Finance Minister Cassiel Ato Forson, Gyamfi characterized the upcoming fiscal plan as one that offers relief rather than additional financial strain.
He emphasized that the budget would prioritize employment opportunities for all citizens, irrespective of their political leanings, underscoring

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The Member of Parliament for Bawku Central, Mahama Ayariga, has lauded the just-ended government’s budget presented by the the Finance Minister, Dr Cassiel Ato Forson for its swift implementation of campaign promises and its focus on economic growth and social reforms.

Speaking on the floor Parliament on Tuesday, March 11, Mr Ayariga praised the budget, emphasising that it reflects a government and political party committed to fulfilling its pledges.

“This clearly is a budget of a government and a party that keeps its promises,” he said, highlighting the fact that nearly every promise made by former President John Dramani Mahama is being fulfilled in the first 120 days.

Mr Ayariga further described the budget as one designed to benefit ordinary Ghanaians, saying, “This budget is a budget for ‘Makola’ [Market] women, this budget is a budget for assembly members, this budget is a budget for girls.”

He argued that the budget’s focus on practical reforms would have a direct positive impact on key segments of society, especially those who are often overlooked in traditional economic strategies.

“This is a budget that delivered solid reforms,” Mr Ayariga continued. “This is a budget that is moving our growth from galamsey growth to real growth.”

The Bawku Central MP also expressed optimism about the budget’s potential to bring stability to the economy, create jobs, and provide hope for Ghanaians.

“This is a budget that gives hope to Ghanaians. This is a budget that will stabilise the economy. This is a budget that will create jobs for the youth of this country,” Mr Ayariga affirmed.

Read Also: 2025 Budget: Full Statement to Parliament delivered by Finance Minister Cassiel Ato Forson

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