The Minority in Parliament has questioned the government’s commitment to its US$10 billion New Economy programme, citing a GH¢22.5 billion reduction in the projected allocation for 2028.
The Ranking Member of Parliament’s Finance Committee, Dr Mohammed Amin Adam, said the government’s May Fiscal Policy Strategy had earmarked GH¢53.4 billion for the programme in 2028.
However, the 2027 Budget has revised the indicative allocation downwards to GH¢30.9 billion, raising concerns about the resources available to implement the initiative.
Dr Amin Adam said the reduction had occurred even before the programme’s major projects had commenced, casting doubt on the government’s ability to deliver its stated investment commitments.
He also questioned the relationship between the programme’s ambitious sectoral investment targets and the actual allocations made to the ministries expected to implement them.
The Ministry of Food and Agriculture has received GH¢2.9 billion, including GH¢515 million for fertiliser and certified seeds, while the Ministry of Trade, Agribusiness and Industry has been allocated GH¢188 million.
He contrasted these figures with the US$3 billion earmarked for commercial agriculture under the New Economy. Similarly, the tourism pillar has a proposed investment of US$1 billion, against a ministry allocation of GH¢186 million.
The Minority also questioned the financing strategy, pointing to the government’s plan to borrow GH¢85 billion domestically in 2027 and reduce the primary surplus target from 1.5 per cent to 0.5 per cent of GDP.
“The 2028 figure has fallen by GH¢22.5 billion before a single project has started,” Dr Amin Adam said at Parliament on Friday, November 13, following the presentation of the 2027 Budget by Finance Minister Dr Cassiel Ato Forson
