'They did not even talk about the Women's Bank, where is it?' — Afenyo-Markin quizzes Finance Minister

Minority Leader Alexander Afenyo-Markin has accused the government of failing to honour its commitment to establish a Women's Bank, arguing that the initiative was conspicuously absent from the 2027 Budget despite featuring in the previous two fiscal statements.

Speaking to journalists after Finance Minister Dr Cassiel Ato Forson presented the 2027 Budget to Parliament on November 12, Mr Afenyo-Markin said the government had offered no update on the proposed bank, which was expected to provide financial support to women and traders.

"Where is the Women's Bank? They did not even talk about it," he said.

"Meanwhile, in the 2025 Budget, they said they were going to establish a Women's Bank. In 2026, they said the same thing. But in 2027, they were quiet. The Minister was silent. So it means that is another scam."

He argued that the NDC administration had failed to deliver on its promises to women and traders, including the establishment of the bank and the implementation of the 24-Hour Economy policy.

Afenyo-Markin describes Budget as a 'paper economy'

The Minority Leader also dismissed the government's economic projections as a "paper economy", insisting that the figures presented in Parliament did not reflect the financial difficulties confronting ordinary Ghanaians.

He pointed to persistently high food prices in markets such as Kotokoraba, Kejetia, Chorkor, Agbogbloshie, Kumasi Asafo, Winneba Central, Abeka and Makola, saying many households were struggling to afford basic food items.

"The reality is that prices of foodstuffs remain high and Ghanaians cannot afford them," he said.

He further expressed concern about the cost of rice, maize, sorghum and yam, arguing that locally produced food had become more expensive than imported alternatives despite what he described as inadequate government support for farmers.

On cocoa, Mr Afenyo-Markin accused the government of neglecting farmers, claiming that the farm-gate price per bag had declined since the NDC assumed office.

Questions four-year plan and $10bn investment

Mr Afenyo-Markin also criticised the Finance Minister's appeal for patience, arguing that Ghanaians had already waited 2 years for the jobs and economic opportunities promised by the government.

"The Minister now tells us that the work ahead will demand patience. Whose patience? Patience after two years. This is his penultimate budget, and he is calling for patience," he said.

He questioned the government's decision to introduce a four-year development programme covering 2027 to 2030, given that the current administration is expected to leave office in 2028.

He demanded details on how much of the proposed $10 billion investment under the New Economy Programme would be available in 2027, the amount expected to be spent and the specific projects that would benefit.

He also challenged the government to explain how the New Economy Programme differed from the 24-Hour Economy initiative.

"What is the difference between the New Economy and the so-called 24-Hour Economy? How many economies will be unveiled in Ghana within four years?" he asked.

The Minority Leader further alleged that the government's financial commitment to the Big Push infrastructure programme had been reduced from $30 billion to $14 billion.

He also returned to his criticism of the newly introduced GH¢50 banknote bearing the name of Theodosia Okoh, alleging that the wrong photograph had been used. He questioned the government's ability to manage the economy if it could not ensure that the correct image appeared on the currency.

Questions job creation and tax policies

Mr Afenyo-Markin said the Minority would undertake a detailed assessment of the 2027 Budget and present its full position after the parliamentary debate.

He described the NDC administration as a "sloganeering government", arguing that its economic policies had not translated into jobs or meaningful relief for households.

"What they came to do was to subject us to another round of slogans and no jobs. Stability on paper, hardship in our pockets," he said. "They cannot slogan away the cost of living."

Although he welcomed the government's assurance that it had sufficient resources to meet payments due under the Domestic Debt Exchange Programme, he questioned why similar financial capacity was not being demonstrated in the payment of outstanding obligations to teachers and nurses and the recruitment of additional personnel.

He also criticised the government's decision to revive the One District, One Factory (1D1F) policy, arguing that the one-year tax exemption on machinery did not provide sufficient incentives for private investors.

According to him, the previous NPP administration had offered incentives covering both machinery and raw materials, which he considered more attractive to businesses.

Mr Afenyo-Markin maintained that private-sector investment was essential to economic expansion and employment creation, accusing the government of placing excessive emphasis on taxation.

"Without the private sector, the economy cannot grow. The NDC is not growing the economy. The NDC is not creating jobs," he said. "What they love best is rather to tax, tax, tax."