By Godwill Arthur-Mensah
Accra, March 11, GNA – The Member of Parliament for Ofoase Ayirebi, Mr Kojo Oppong Nkrumah has cautioned the Finance Minister against admitting dubious or doubtful debts into the national budget scheduled to be presented to Parliament on Tuesday, March 11.
Mr Oppong Nkrumah, also a Ranking Member on Parliament’s Economic and Development Committee, warned that any move to infiltrate the Budget with doubtful debts could create opportunities for “fraudulent” claims against the Mahama-led Government.
In a media interview, Mr Oppong Nkrumah argued that inflating the national debt stock with unverified claims would not only distort the country’s fiscal position but also provide an avenue for unscrupulous individuals to siphon public funds.
“We advise him to stay true to the economic records. Do not admit phantom debts and figures that people bring to try and bloat the books,” the lawmaker stated.
The former Information Minister cited a precedent under the National Democratic Congress (NDC) administration in 2009, where a new budget line for judgment debts was created.
According to him, that policy move was subsequently abused by certain individuals in what later became known as the “create, loot, and share” scandal.
“The last time they did that, if you recall, in 2009, when they admitted phantom debts and created cost centers for it, it became an avenue for people to put things there and collect money. That is what the Supreme Court described as create, loot, and share,” Mr Oppong Nkrumah recalled.
The former Minister for Works and Housing thus entreated the Mahama-led administration to avoid such pitfalls, noting that, admitting dubious debts could lead to unnecessary financial commitments to individuals or entities who were not legitimately owed by the State.
“It is important to avoid admitting dubious or doubtful debts, as this will be exploited by persons who the state doesn’t owe,” he emphasised.
Beyond the risk of financial misappropriation, Mr. Oppong Nkrumah warned that exaggerating the country’s debt position could misrepresent Ghana’s fiscal standing and send negative signals to the financial markets.
“The Finance Minister should keep fidelity with the economic records of the country and avoid spooking the markets with lamentations,” the legislator advised.
The MP’s remarks come at a time when Ghana’s economic management remains a subject of intense public debate, with concerns about rising debt levels and fiscal sustainability.
Meanwhile, Finance Minister Dr Cassiel Ato Forson is set to present the 2025 Budget and Economic Policy Statement to Parliament on Tuesday, March 11, 2025.
The presentation comes on the heels of an economic dialogue, organised by the Government last week, which brought together the finest brains and key stakeholders to brainstorm on the current economic challenges.
It is expected that the Budget would spur macro-economic stability, restore good governance, structural policy reforms, infrastructure development, and enhance productivity and economic growth.
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