The Minority in Parliament has taken issue with the Mahama administration, accusing it of misrepresenting the facts and claiming undeserved credit for Ghana’s recent debt restructuring successes.
In a media briefing on Tuesday, July 29, former Finance Minister Dr. Mohammed Amin Adam criticized current Finance Minister Dr. Cassiel Ato Forson for what he described as misleading commentary regarding the country’s public debt status.
Dr. Ato Forson had earlier reported a significant drop in Ghana’s public debt-to-GDP ratio—from 61.8% in December 2024 to 43.8% in June 2025.
He credited this to prudent fiscal discipline and efficient economic management under the current National Democratic Congress (NDC) administration.
But according to the Minority, this narrative omits the key role played by the former New Patriotic Party (NPP) government, which, they argue, laid the foundation for the reported debt relief and improved credit ratings.
They cited achievements under the Akufo-Addo-led administration, including a US$5 billion debt cancellation deal and US$4.7 billion in debt service savings, which were secured through intense negotiations with external commercial creditors. These, they said, constituted the real gains in public debt reduction.
“It is no secret to the media and the Ghanaian public that the NPP government undertook painstaking negotiations to restructure Ghana’s debt. This led to significant relief, which is now being claimed by the current government without acknowledgment of the previous administration’s effort,” Dr. Amin Adam said.
The Minority also questioned the Finance Minister’s attempt to associate himself with recent credit rating upgrades. Referring specifically to a Fitch Ratings report published in June 2025, they pointed out that the improved outlook was largely tied to the October 2024 Eurobond restructuring, a move initiated under the NPP government.
“Dr. Forson was not the Finance Minister when the Eurobond restructuring took place. It is therefore inaccurate—and frankly disingenuous—for him to take credit for the ratings improvement,” the Minority stressed.
Describing the Minister’s remarks as part of a wider trend of “propaganda economics,” they accused the government of cherry-picking successes born out of strategies they had previously criticized.
“How does one condemn an economic initiative and later celebrate its results as a personal achievement? This double standard is indicative of the political spin we now see in the management of the country’s economy,” the Minority’s statement concluded.
The group reiterated its call for transparent and consistent economic reporting that recognizes the contributions of all stakeholders in national recovery efforts.
