Member of Parliament for Manso Nkwanta, Tweneboah Koduah Fokuo, criticised the government’s New Economy agenda on the Big Issue, saying it risks failure if not supported by clear and effective interventions.
Fokuo questioned the proposal to use the country’s fiscal buffer to back the programme, arguing that cutting 1% of the buffer set aside under Act 1136 could erode the financial safeguards the act requires. He noted that the act mandates a primary surplus of about 1.5% of GDP to provide a cushion even after interest payments.
According to Fokuo, the government plans to reduce this buffer by 1% and add 0.5% from revenue to maintain the 1.5% target, a move he said would undermine the New Economy’s foundation.
He stressed that whether the programme is financed through public or private sources, effective interventions are essential for success.
Fokuo also questioned the Finance Minister, Cassiel Ato Forson, on the government’s ability to meet 2027 commitments, noting that the 2026 Budget had not fully accounted for some promised expenditures.
While acknowledging improvements in macroeconomic indicators such as inflation, reserves and cedi stability, the MP warned that these figures do not necessarily reflect the hardships households and businesses face, citing unpaid allowances, pending payments to cocoa farmers, high transport fares and fuel prices.
“Statistically, yes, the figures might look good, but the reality is that things are difficult,” Fokuo said.
