Amin Adam accuses government of manipulating budget figures

Former Finance Minister Dr Mohammed Amin Adam has accused the government of manipulating budget figures to create a misleading narrative about the state of the economy.

Speaking on PM Express on JoyNews on Monday, 17 March 2025, he claimed that the 2025 Budget, presented by Finance Minister Dr Cassiel Ato Forson, contained inconsistencies that distort Ghana’s financial realities.

Concerns Over Budget Allocations
Dr Amin Adam raised concerns about underfunding in critical sectors such as agriculture and education, questioning the government’s commitment to its stated priorities.

“The government allocated GH¢1.5 billion to the agricultural sector, but only GH¢924 million is available for spending. Similarly, education was allocated GH¢1.3 billion, but the actual appropriation is GH¢800 million. This raises serious questions about the credibility of the budget,” he asserted.

Fiscal Targets and Economic Deception
He further accused the government of setting artificially low fiscal targets to create the illusion of economic progress, warning that such tactics were misleading both the public and international financial institutions monitoring Ghana’s economy.

“The government is deliberately setting easy-to-achieve targets so they can later claim they met their fiscal objectives. This is not genuine economic management, it’s an attempt to control the narrative while ignoring the real struggles Ghanaians face,” he alleged.

Tax burden and electricity tariff increases

Dr Amin Adam also criticised the government’s decision to increase the Growth and Sustainability Levy from one per cent to three per cent for mining companies, banks, and insurance firms. He argued that extending the sunset clause of the levy to 2028 would increase the tax burden on businesses, which could ultimately affect consumers.

“This government claims to be reducing the tax burden, yet it is extending a levy that directly affects businesses and could lead to higher costs for ordinary Ghanaians,” he argued.

He also challenged the government’s justification for recent electricity tariff increases, blaming them on domestic policy decisions rather than external market forces. He explained that the hike was primarily due to the government’s decision to increase the price of indigenous gas, significantly impacting power generation costs.

“This is not about global gas price fluctuations. The government’s own pricing policies have made electricity more expensive, and consumers are the ones paying the price,” he noted.

Call for transparency

As the 2025 Budget debate begins in Parliament, Dr Amin Adam urged the government to be transparent about its financial decisions.

He emphasised that budget credibility is crucial for investor confidence and effective economic planning.

“If the government truly wants to restore confidence in the economy, it must be honest about revenue projections, expenditure allocations, and fiscal targets. Ghanaians deserve a budget that reflects reality, not one designed to serve a political agenda,” he added.