The deputy Ranking Member of the Finance Committee, Dr. Gideon Boako, has stated that the 2025 Budget presentation proves Ghana’s economy was not in a “sick state” as previously claimed. He cited the 5.7% economic growth recorded in 2024 as evidence, asserting no previous government left with such figures. “What actually happened today is a vindication of the fact that the government that this administration inherited did not leave the economy in a sick state. As of today, the Finance Minister has been forced to speak to the data by suggesting that the economy grew by 5.7%,” Dr. Boako said during an interview with the media on March 11, 2025.
5.7% Economic Growth Vindicates Current Administration
Dr. Boako argued that the current government inherited a stable economy despite opposition claims of economic distress. He noted that the Finance Minister was compelled to acknowledge the 5.7% growth rate during his budget presentation. “Did you hear the Finance Minister, after mentioning all these debts, come to say that they are yet to audit those figures? How can the Finance Minister of a country like Ghana go to Parliament to present figures that are not audited, that cannot be found within the government system of this country? This is scandalous. It doesn’t happen anywhere,” he argued. This, according to Dr. Boako, proves the economy was far from being in a coma.
Dr. Boako further criticized the Finance Minister for presenting unaudited national debt figures during his budget statement. He questioned how Ghana’s Finance Minister could present unverified data to Parliament. Dr. Boako also pointed out the omission of the debt-to-GDP ratio, suggesting it would contradict the government’s narrative.
Finance Minister Questions Sustainability of 5.7% Economic Growth
However, the minister of Finance Dr. Cassiel Ato Forson refuted claims that the previous government left a healthy economy. He attributed the 5.7% economic growth in 2024 largely to illegal small-scale mining, locally known as galamsey. Presenting the 2025 Budget Statement on March 11, 2025, Dr. Forson emphasized that the mining and quarrying sector, including legal and illegal gold mining, drove this growth with a 19.1% rate.
Dr. Forson supported his claims with provisional 2024 GDP statistics from the Ghana Statistical Service (GSS) released on March 10, 2025. The report showed Ghana’s real GDP grew by 5.7% in 2024, up 3.1% from 2023. Dr. Forson warned that the growth driven by illegal mining is unsustainable.
