Kojo Oppong Nkrumah
The New Patriotic Party has hit the Mahama administration with heavy criticism ahead of the 2026 Mid-Year Budget Review, accusing the government of manipulating data and presenting a fragile economy as a success story.
In a six-page statement released yesterday at a press conference in Accra and signed by NPP Policy Coordination Committee Chairman, Kojo Oppong Nkrumah, the opposition said the government’s reported economic recovery was built on “props” and not real reforms.
“Artificial Surplus” Claim
The NPP argued that the 2025 primary surplus of 2.6% of GDP, above the 1.5% target, was achieved not through higher revenue but through deep spending cuts.
According to the party, revenue fell 4.7% short of target while expenditure was compressed by 13.8%. “Government created an artificial surplus instead of genuine fiscal discipline,” the statement said.
Growth Tied to Gold, Not Policy
The NPP also questioned the sustainability of the 6.4% first-quarter growth, saying it was driven mainly by record gold prices rather than government policy. The party warned that any drop in global gold prices could expose weaknesses and challenged the Finance Minister to show what growth and trade figures would look like at historical gold prices.
Inflation, Cedi and Debt Concerns
On inflation, the NPP noted that despite the fall to 5.3% in June 2026, prices had risen for three straight months. It also said the cedi had depreciated between 8.4% and 10.3% this year. The party further flagged discrepancies in public debt figures.
While the Bank of Ghana reported debt at 45.1% of GDP in May 2026, the NPP cited IMF projections of 53% by year-end and 55% by 2028. It called for a comprehensive debt sustainability analysis.
Spending Cuts and Arrears
The opposition claimed government underspent in Q1 2026, with actual spending at GH¢62.1 billion against a target of GH¢78.8 billion. Capital expenditure, it said, fell more than 40% below target, hitting roads, schools and hospitals, while the wage bill was protected.
The NPP also raised concerns over inherited arrears of GH¢67.5 billion and questioned how much had been paid.
BoG Flagship Programmes
The party described the Bank of Ghana’s finances as a “fiscal time bomb,” citing a reported GH¢15.63 billion loss for 2025 and alleging that independent figures were worse. It said the Bank’s decision to stop pre-financing GoldBod showed the risks involved.
On government programmes, the NPP said the 24-Hour Economy and Big Push initiatives lacked real funding and jobs, with many employment figures based only on MOUs and major procurements done through sole sourcing.
Demands Ahead of Budget Review
Ahead of the Finance Minister’s presentation to Parliament, the NPP is demanding a half-year expenditure breakdown, a reconciled debt-to-GDP figures, an updated arrears data, verified jobs data for flagship programmes, actual Bank of Ghana financial position, sensitivity analysis on gold and the cedi.
“Ghana’s economic future cannot be built on unspent budgets, unpaid contractors, disputed debt numbers and jobs that exist only on paper,” the statement concluded.
The NPP vowed to scrutinise the Mid-Year Budget Review against the government’s own published data.
By Ebenezer K. Amponsah