The Minister of Food and Agriculture, Eric Opoku, has slammed the previous government’s handling of the economy, stating that the NPP spent a staggering $60.9 billion in a failed attempt to stabilize the cedi. According to Ghana News Agency, Opoku made the remarks while debating the 2025 Budget Statement and Economic Policy in Parliament.
Opoku emphasized that despite the massive expenditure, the cedi’s value continued to depreciate, plunging Ghanaians into deeper poverty. He noted that the NPP’s economic policies had led to increased food inflation, a ballooning national debt, and deteriorating economic indicators.
The Minister attributed the decline of Ghana’s cocoa sector to mismanagement by the NPP, citing a significant drop in production from 969,000 metric tonnes in 2016 to 530,000 metric tonnes in 2024. He also criticized the government’s reckless borrowing, pointing out that Ghana’s total debt had skyrocketed from GHS120 billion in 2016 to over GHS741 billion in 2024.
Opoku further highlighted the Bank of Ghana’s unprecedented losses, stating that the central bank had suffered massive losses under the NPP government, with a GHS16.8 billion loss recorded in just one year. He questioned the allocation of funds, noting that critical areas like local government, roads, and rural electrification remained underfunded.
The Minister’s comments come amid growing concerns about Ghana’s economic stability, with many calling for reforms to address the country’s debt crisis. The NPP has been accused of creating a “temporary illusion of stability” around the cedi, with the current struggles exposing the unsustainability of earlier interventions ยน.
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Author: Korkor Anumu
