2025 Budget fails to tackle Ghana’s most pressing economic issues – Oppong Nkrumah

The minority in Parliament has strongly criticised the 2025 Budget Statement and Economic Policy, arguing that it fails to address the most pressing economic challenges facing Ghanaians.

Speaking at a press conference on Thursday, (13 March), former Minister for Works and Housing, Kojo Oppong Nkrumah, outlined key concerns, including the high cost of living, unemployment, and rising electricity tariffs.

Oppong Nkrumah accused the government of ignoring the expectations of the public, particularly young people and small businesses, who had hoped for relief measures.

“Before the budget, many of you went on the streets and asked people what they expected as the economic result of the government’s revenue and expenditure plans. The key issues raised were the cost of living, unemployment, infrastructure investment, education, healthcare, and an improved business climate. Unfortunately, these have not been addressed,” he stated.

One of the minority’s major concerns is the government’s decision to implement a quarterly adjustment of electricity tariffs.

“Every three months, light bills will go up,” Oppong Nkrumah noted, adding that the removal of subsidies on gas for Independent Power Producers (IPPs) will further increase the cost of power for consumers.

Fuel prices, another major issue affecting Ghanaians, were also left unaddressed in the budget, according to the Minority.

“Contrary to the government’s earlier promises to intervene in the fuel market and cushion consumers, no such policy was introduced,” he said. “Without intervention, fuel prices will continue to rise, worsening transportation costs.”

Oppong Nkrumah also highlighted concerns over food inflation, stating that while the government has continued its ‘Planting for Food and Jobs’ program, it has failed to address underlying issues such as poor storage, transport costs, and market liberalisation. “Food prices will therefore remain high, and the struggles of ordinary Ghanaians will persist,” he warned.

On employment, the Minority was particularly critical of the government’s decision to freeze public sector hiring.

“For those who were hoping to secure jobs in the public sector, sorry to disappoint you,” Oppong Nkrumah said, pointing out that with economic growth projected to slow down from 5.7% in 2024 to 4.4% in 2025, private-sector job creation would also suffer.

Big Push infraustructure agenda
Furthermore, the Minority expressed disappointment in the government’s handling of infrastructure projects. Oppong Nkrumah questioned the feasibility of the ‘Big Push’ infrastructure agenda, arguing that the budget does not allocate sufficient funds to support it.

“If the government was serious about its own $10 billion infrastructure plan, it would have allocated at least $2.5 billion per year, yet this is not reflected in the budget,” he remarked.

The Minority also raised alarm over the government’s approach to the Agenda 111 hospital project, warning that cutting funding or privatising these health facilities could derail efforts to achieve universal healthcare.

“Mr. President, we beg you in the name of God, please do not abandon the Agenda 111 project for political reasons,” Oppong Nkrumah pleaded.

The Minority dismissed the 2025 Budget as a failure to deliver the promised “economic reset”.

“It does not offer any hope. Unfortunately, it will worsen the cost of living, deepen unemployment, and slow down infrastructure development. Ghanaians deserve better,” Oppong Nkrumah declared.