2027 Budget: Ato Forson contradicted himself on borrowing – Amin Adam

Former Finance Minister Dr Mohammed Amin Adam has accused his successor, Dr Cassiel Ato Forson, of misleading Ghanaians over the government's borrowing plans in the 2027 budget.

He said the Finance Minister contradicted his assurance that the government would not contract new loans to finance its flagship New Economy programme by providing for GH¢85 billion in domestic financing in the same budget.

Dr Amin Adam made the statement at a press conference on Friday, November 13, while assessing the 2027 Budget Statement and Economic Policy presented to Parliament on Thursday.

He questioned why the Finance Minister would rule out new borrowing while making provision for the government to raise funds from the domestic market through the issuance of securities.

“You all heard the minister saying it, but in the same budget, the minister said that apart from the fiscal space created by reducing the primary balance, they will also borrow 85 billion Ghana cedis,” he said.

The former minister argued that domestic borrowing should also be recognised as borrowing, insisting that the source of the funds does not change the nature of the transaction.

He further accused the government of being dishonest in its communication about the country's financing arrangements.

“Is borrowing called borrowing only when it comes from external sources? Is borrowing only qualified to be borrowing when it is coming from external sources?” he questioned.