The Minority in Ghana's Parliament has expressed concerns that the government's proposed New Economy agenda may not achieve its intended goals if not backed by credible funding arrangements. According to Dr. Mohammed Amin Adam, the Ranking Member on Parliament's Finance Committee, the initiative could become another unfulfilled political slogan. He made these comments during a press conference on November 10, 2026, ahead of the 2027 Budget presentation.
Dr. Amin Adam argued that the government's economic ambitions must be supported by realistic revenue projections and clearly defined expenditure commitments. He cited difficulties faced by traders, farmers, and cocoa producers, who continue to experience weak commercial activity and challenges in finding buyers for their produce. The former Finance Minister also questioned whether official inflation figures accurately reflect the actual cost pressures experienced by households.
The Minority's concerns centre on the government's ability to generate sufficient revenue to implement its programmes. Dr. Amin Adam criticised public sector salary adjustments, comparing the 10% increase in 2025 and 9% in 2027 and 2028 to the nearly 30% adjustment in 2024. He warned that the proposed New Economy agenda would require substantial financial resources, which may not be readily available.
The Minority also raised concerns about the government's reliance on additional fiscal space associated with adjustments to the primary balance target under the International Monetary Fund programme. Dr. Amin Adam argued that this should not be mistaken for newly generated revenue, as the government would still need to mobilise resources to finance its expenditure commitments.
The Minority believes that the administration risks repeating the underperformance of earlier flagship programmes if the 2027 Budget does not provide convincing financial details. The government is expected to present its 2027 Budget Statement and Economic Policy to Parliament on November 11, 2026. The presentation will provide details on economic priorities, revenue mobilisation measures, and proposed interventions for job creation and industrial expansion.
The Minority has urged the government to move beyond policy branding and provide practical measures that can translate its economic ambitions into tangible improvements in employment, production, household incomes, and business activity. The government must demonstrate measurable improvements in the lives of ordinary Ghanaians to justify its economic agenda.
The 2027 Budget presentation is crucial in addressing the concerns raised by the Minority. The government's ability to provide credible funding arrangements and demonstrate tangible improvements in the economy will be closely watched. The Minority's warnings highlight the need for a more detailed and realistic economic plan to achieve the government's ambitious goals.
Key points
- The Minority in Parliament warns that the government's New Economy agenda may fail without credible funding arrangements.
