The Minority in Parliament has accused the Mahama administration of taking undue credit for debt restructuring gains initiated under the former Akufo-Addo government.
Addressing journalists on Tuesday, July 29, the former Finance Minister, Dr Mohammed Amin Adam, described recent remarks by Finance Minister Dr. Cassiel Ato Forson on Ghana’s public debt as misleading and lacking in substance.
Dr. Forson had noted a decline in the country’s public debt-to-GDP ratio—from 61.8% in December 2024 to 43.8% in June 2025—attributing the improvement to prudent economic management by the current government.
However, the Minority questioned the basis for this assertion, asking how much actual debt had been repaid to justify the claim.
“It is no secret to any of you in the media the painstaking efforts the NPP government made to restructure our debts, particularly with our external commercial creditors, that led to outright debt cancellation of US$5 billion and debt service savings of US$4.7 billion.
“This is what we mean by debt reduction. What then did the NDC government do to claim a reduction in the public debt?” the statement asked.
The Minority also challenged the Finance Minister’s reference to Ghana’s improved credit ratings, pointing to a June 2025 Fitch report that credited the October 2024 Eurobond restructuring—carried out under the previous administration—as the basis for the upgrade.
“It is well known to you that he made no contribution to this rating upgrade by Fitch. Was the Honourable Minister Dr. Ato Forsen the Finance Minister in October 2024? How could the Hon. Minister stand on the floor of Parliament and praise himself for this unearned credit? They queried.
The Minority further accused the government of engaging in “propaganda economics” and lacking consistency.
“How do you criticise an exercise, and accept the product of the same exercise? We know that Ghanaians understand this kind of economics, the NDC is using – Propaganda Economics,” the statement said.
