Minority Leader Alexander Afenyo-Markin has criticised the 2027 Budget Statement, describing it as a promise of a “paper economy” that does not reflect the economic hardships confronting ordinary Ghanaians. He argued that although the Finance Minister had highlighted economic growth and declining inflation, the improvements remained largely statistical and had yet to translate into meaningful relief for households and businesses.
Mr Afenyo-Markin pointed to persistently high food prices, unemployment and the challenges facing businesses as evidence that many Ghanaians were yet to experience the benefits of the government’s economic policies. Addressing a press conference in Parliament yesterday, shortly after Finance Minister Dr Cassiel Ato Forson presented the 2027 Budget, the Minority Leader described the government’s economic achievements as “stability on paper but hardship in our pockets”. “The NDC cannot rebrand unemployment and they cannot slogan away the cost of living,” he declared.
Accompanied by Minority Caucus members holding placards bearing inscriptions such as “Scam Economy” and “Cocaine Economy”, Mr Afenyo-Markin insisted that the caucus would continue to scrutinise the budget despite what he described as attempts by the Speaker of Parliament to prevent them from making preliminary remarks on the statement in the chamber.
“We cannot be silenced when the Finance Minister came to present to us a paper economy, when the figures do not reflect the reality on the ground,” he said. To support his argument, the Minority Leader cited high food prices at markets across the country, including Kotokoraba, Koforidua, Tamale Aboabo, Kumasi Asafo and Winneba Central markets.
He maintained that the cost of basic food commodities remained beyond the reach of many households, despite the government’s claims of economic improvement. “The reality is that at the Kotokoraba market, at the Koforidua market, Tamale Aboabo market, Kumasi Asafo market, and at the Winneba Central market, prices of foodstuffs remain high and Ghanaians cannot afford them,” he stated.
Mr Afenyo-Markin also questioned the government’s commitment to agricultural development, arguing that its plans to process maize and other agricultural produce were not matched by sufficient support to farmers to increase production and bring down food prices. He noted that the prices of rice, maize, sorghum and yam had continued to rise over the past two years, despite the fact that these commodities were locally produced.
“Meanwhile, for two years, we’ve seen the rising cost of rice, maize, sorghum and yam. These are produced by our farmers, and they are more expensive than imported rice, maize and sorghum,” he said. He further argued that farmers were struggling because they had not received the necessary government assistance to expand their production.
The Minority Leader also recalled that while in opposition, the current government had criticised the previous administration’s economic management and promised to deliver better living conditions under President John Dramani Mahama. However, he said the government was now asking Ghanaians to exercise patience at a time when many were demanding employment opportunities.
“He himself was a Minority Leader. He said that the way the economy was being run was not the right way and that the John Mahama-led government would do better. Today, when Ghanaians call upon the government to provide jobs, Dr Ato Forson is saying that the work ahead demands patience,” he said.
Mr Afenyo-Markin also raised concerns about the government’s proposed four-year development agenda, questioning how it intended to implement and finance the programme within its remaining period in office. He specifically sought clarification on the proposed $10 billion allocation for the New Economy initiative, demanding details of how much would be made available and spent in 2027.
“They did not tell us how much of the $10 billion earmarked for the new economy will be available for the year 2027,” he said. “They also failed to tell us how much will be expended in 2027 and the specific projects this will finance for proper tracking.” He further questioned how the New Economy initiative differed from the government’s flagship 24-hour Economy policy. “What is the difference between the New Economy and their so-called 24-hour Economy? In fact, our question is, how many economies will the NDC build in Ghana within four years?” he asked.
On infrastructure development, the Minority Leader expressed concern over what he described as a reduction in the government’s funding commitment to the Big Push programme, which he said had been revised from an initially announced $30 billion to $14 billion. He called on the government to explain the reduction and provide details on how the revised funding would support the delivery of major infrastructure projects.
Turning to employment, Mr Afenyo-Markin accused the government of failing to provide convincing figures to demonstrate the number of jobs created since taking office. He argued that the budget placed excessive emphasis on economic statistics, projections and indicators while failing to adequately address the growing demand for jobs and the immediate economic concerns of Ghanaians.
“According to PricewaterhouseCoopers, the best thing to do is to spend.
The Finance Minister does not spend.
So he wants to keep a flowery data,” he said.
“It is not data that Ghanaians are going to consume.
Ghanaians want jobs, jobs, jobs.
We are not interested in data.
We are not interested in a paper economy,” he added.
