Minority Accuses Gov’t Of Repackaging Old Economy As ‘New Economy’

The Minority Caucus in Parliament has criticised the government’s proposed “New Economy” agenda, describing it as a repackaging of old economic policies rather than a fresh vision for Ghana’s economic transformation.

Speaking at a press conference, the Member of Parliament for Ofoase-Ayirebi and Ranking Member of Parliament’s Economy and Development Committee, Hon. Kojo Oppong Nkrumah, said an assessment of the Finance Minister’s budget presentation had revealed little difference between the proposed New Economy and the government’s existing policies.

GH¢650 Billion Unaccounted For

Hon. Oppong Nkrumah argued that the Finance Minister had failed to account for approximately GH¢650 billion entrusted to the government over the past two years.

He said Ghanaians expected the minister to provide clear explanations on the government’s commitments, including the promise to recruit more than 800,000 people, construct three stadia and complete the Agenda 111 hospital project, but these issues were not adequately accounted for in the presentation.

24-Hour Economy Questioned

According to him, the much-publicised New Economy agenda largely incorporates the government’s 24-Hour Economy policy, which he said had already failed to deliver on its promises.

He questioned the government’s intention to allocate an additional GH¢10 billion to the 24-Hour Economy initiative, despite an earlier GH¢4 billion release secured through parliamentary approval, which he claimed had not produced tangible results.

Hon. Oppong Nkrumah further questioned the credibility of the proposed allocation, arguing that the government had yet to demonstrate what the initial funding had achieved.

Inconsistencies In Figures

He also accused the Finance Minister of inconsistency in quoting figures, insisting that several financial allocations announced for various government agencies and ministries during the presentation could not be traced in the actual budget statement.

The Minority Caucus maintains that the government’s proposed New Economy lacks the clarity and accountability needed to convince Ghanaians that it represents a genuine departure from previous economic policies.