Former Finance Minister, Dr. Mohammed Amin Adam, has cast doubts over the effectiveness of the 24-hour economy policy proposed in the 2025 budget, arguing that it does not guarantee accelerated economic growth.
Speaking at a press conference organized by the New Patriotic Party (NPP) on the 2025 Budget Statement, Dr. Amin Adam emphasized that the initiative lacks the potential to drive substantial economic growth, citing the government’s own projections as evidence.
“The initiative does not promise to deliver accelerated growth in the economy,” he stated. “Because performance as projected by they themselves is not promising. The budget estimate is that projected growth rate between 2025 and 2027 is 5%. And if the 24-hour economy is actually going to work, we expect growth from industry to be higher than this.”
Dr. Amin Adam also accused Finance Minister Dr. Cassiel Ato Forson of manipulating economic data to paint a negative picture of the NPP government. He described the 2025 budget as a “hatchet job” designed to mislead the public with distorted fiscal data.
“The 2025 budget was a hatchet job… designed to confirm a rehearsed narrative by putting data to unfounded claims,” he asserted. He further dismissed claims that the NPP administration had mismanaged the economy through excessive borrowing and worsening debt levels, arguing that “an economy with such strong revenue performance and expenditure controls cannot produce the kind of elevated fiscal outturns the Minister announced. We see a lot of contradictions.”
His comments come in the wake of the 2025 Budget Statement presented to Parliament on March 11 by Finance Minister Dr. Ato Forson, in which the NPP’s economic management was heavily criticized. The debate over the budget continues to intensify, with both major political parties defending their economic track records.
Meanwhile, Former Minister of State at the Finance Ministry, Abena Osei-Asare, has defended the government’s decision to uncap statutory funds to finance the Free SHS policy, arguing that it is not a novel practice.
Speaking at the same press conference, she stated, “Uncapping statutory funds to finance Free SHS is nothing new.” She dismissed criticisms of the policy and stressed that similar funding mechanisms had been utilized in the past.
Osei-Asare further urged the government to introduce initiatives that support the private sector if it intends to cut expenditure. “If you want to rationalize expenditure, give that heavy lifting to the private sector. Come up with initiatives that will support the private sector to take up employment, grow the industries, and take that burden off government,” she emphasized.
As discussions on the 2025 budget continue, both parties remain firmly positioned in their arguments, with the NPP challenging the accuracy of economic projections and the NDC defending its policy directions.
