2025 Budget Will Prove Economy Is Worse Than Before – Kwakye Ofosu | MyJoyOnline Reports
Felix Kwakye Ofosu, Minister of State in charge of Government Communications, has said the 2025 budget will confirm that Ghana’s economy is in a worse state than it was in 2016. According to MyJoyOnline, he made this statement on Newsfile on Saturday, March 1.
MyJoyOnline reports that Kwakye Ofosu disagreed with former Deputy Finance Minister Dr. Stephen Amoah, who claimed that the economy was in good shape before the new administration took over. Kwakye Ofosu said this was completely false.
One major point he raised, according to MyJoyOnline, was the Domestic Debt Exchange Programme (DDEP). He described it as one of Ghana’s harshest economic policies ever, affecting 1.3 million people who expected money from government bonds.
Instead of getting their full returns, they had to accept lower interest rates and wait longer periods for their money.
Kwakye Ofosu also pointed out, as reported by MyJoyOnline, that the President did not talk much about the economy in the recent State of the Nation Address (SONA).
He explained that on March 11, the Finance Minister will reveal more details in the budget, and when that happens, it will be clear that most economic indicators have worsened since 2016—except for growth rate.
According to MyJoyOnline, Kwakye Ofosu further dismissed claims that the previous government left behind a positive primary balance (which means government revenue was higher than expenses before paying interest on loans).
He said this was not true, explaining that what they left was just a target of 0.5% surplus, not an actual positive balance.
MyJoyOnline’s unique perspective highlights that the upcoming budget will settle the debate about Ghana’s economy.
Kwakye Ofosu believes that the figures will prove that the current administration inherited a struggling economy, not a strong one.
The budget on March 11 will be key to understanding how deep the economic problems really are.
Credit: myjoyonline.com