IMANI Africa President, Franklin Cudjoe, has launched a scathing critique of the former New Patriotic Party (NPP) government, accusing it of reckless and poorly supervised spending during its time in office.
Speaking on recent fiscal developments, Cudjoe said the previous administration handled public funds loosely, “sharing money like there was no tomorrow,” with little regard for accountability or stringent checks.
According to him, the contrast between the former government’s spending culture and the disciplined fiscal approach currently being implemented by Finance Minister Dr. Cassiel Ato Forson is striking.
“Money Was Handed Out Freely”
Cudjoe recounted a personal experience at the Ghana Education Trust Fund (GETFund), where he had visited to inquire about projects at his former school. He said mobilisation for contracts under the previous government was “almost automatic,” often with little verification or due diligence.
He noted that under the current administration, those practices have been halted.
Cudjoe revealed that his initial doubts about the new stringent system were cleared after a conversation with Dr. Ato Forson shortly before the presentation of the 2026 Budget.
“The minister told me plainly that the days of handing out funds without verification were over,” he said.
Commends Gov’t for Rapid Reduction in Public Debt
Cudjoe also praised the government for what he described as an unprecedented pace of public debt reduction, stressing that Ghana had been pulled from a deep fiscal hole within a relatively short period.
He noted that public debt had dropped from about 65% of GDP to roughly 45%, crediting the turnaround to what he called the Finance Minister’s disciplined stewardship.
He described Dr. Forson as “a good shepherd” who deserved commendation for the swift fiscal recovery.
Budget 2026 Figures Confirm Debt Decline
Data from the 2026 Budget Statement reveals that Ghana’s public debt fell from GH¢726.7 billion (61.8% of GDP) in 2024 to GH¢630.2 billion (45% of GDP) as of October 2025.
The Finance Minister attributed the decline to:
- Prudent borrowing
- Strong fiscal discipline
- A more resilient cedi
The administration maintains that these policies are part of a broader effort to secure long-term stability and rebuild confidence in Ghana’s economy.
