Felix Kwakye Ofosu, the Minister for Government Communication and Member of Parliament for Abura-Asebu-Kwamankese, has vigorously defended the 2026 Budget, praising the Finance Minister for presenting what he called an inspiring budget that lays out a clear course for quick socioeconomic development and economic recovery.
Kwakye Ofosu dismissed the Minority’s criticism during Wednesday’s budget debate in Parliament, claiming that the past New Patriotic Party (NPP) administration had left behind a seriously damaged economy.
The reality that the economy we inherited from them was in ruins is beyond dispute. It is a public record. He said, “It is not open to interpretation or opinion.
The Minister cited a number of economic metrics that he claimed showed the extraordinary level of hardship the NPP had left behind.
He claims that throughout the debt restructuring process, more than 1.3 million bondholders suffered harsh haircuts, the cedi fell to GH¢17 to the dollar, credit ratings fell to “borla” level, and Ghana experienced its first-ever financial default under their supervision.
He emphasised that “These are not disputable facts. The damage was extensive and undeniable.”
The Minister contended that the new administration’s quick attempts to stabilise the economy are reflected in the 2026 Budget.
He mentioned stronger macroeconomic statistics, a revival in important industries, and a resurgence of investor confidence.
He emphasised the following benefits: Credit ratings were upgraded from junk to B-; the cedi stabilised at GH10.9 on the interbank market and GH11–11.5 at forex bureaus; inflation decreased from 54% to 8%, with projections to reach 6.5%; the primary balance improved from -3.5% to a 1.6% surplus; fuel prices decreased ten times in a row, relieving consumers; more than 4,500 items saw price reductions as a result of a stronger currency; and transport fares decreased by 15%, the largest reduction attained through negotiations.
“Ghanaians have seen relief because of responsible economic management under President John Dramani Mahama,” he insisted.
Kwakye Ofosu denied the Minority’s allegations that the Budget imposes undue austerity. Rather, he claimed that in reaction to lower receipts, the Finance Minister had made prudent adjustments to spending, something the previous administration had not done.
“If revenue suffers, you adjust your expenditure. That is basic. It was their inability to do this that led to three consecutive years of reckless deficits.”
He commended the Minister for cutting excessive spending while giving priority to necessary expenditures.
The Minister also highlighted notable advancements in payments to Metropolitan, Municipal, and District Assemblies (MMDAs) and government organisations.
He disclosed that under the current administration, the Abura-Asebu-Kwamankese District Assembly collected GH¢6.5 million by mid-2025, compared to just GH¢298,000 in 2024.
He claimed that this made it possible to finish eight significant projects that had languished during the previous administration.
He also emphasised the advancements in social intervention programs: free SHS received GH¢1.3 billion for operations and feeding, which reduced complaints about food shortages; NHIS is reporting a healthy financial balance.
Kwakye Ofosu underlined, “This Minister is spending, he is just spending in the right places.”
In response to complaints about the poor pace of infrastructure development, he stated that the government had allocated GH¢10.9 billion for infrastructure expansion and that 33 important projects had already made considerable progress.
He maintained that many of these initiatives had been overlooked or underfunded by the previous administration.
Source: newsthemegh.com