Accra: The Minority Caucus in Parliament has raised serious concerns over the government's handling of economic data following the presentation of the 2026 Mid-Year Budget Review by Finance Minister Dr. Cassiel Ato Forson on July 23, 2026. The group accused the government of shifting key economic figures to obscure poor fiscal performance.
According to Ghana Web, former finance minister Mohammed Amin Adam, speaking on behalf of the Minority Caucus, highlighted several contradictions in the government's reported figures. One major concern was the discrepancy in gross international reserves. Under the Accelerated Reserve and Gold Purchase Programme (ARGP), it was projected that reserves would reach 8.6 months of import cover by the end of 2026. However, the recent review adjusted this target to just three months, raising questions about the government's reserve management policy.
Amin Adam also criticized the shifting figures regarding the primary fiscal balance. The 2025 budget statement initially reported a 3.9% of GDP primary deficit for 2024, which was revised to 3.1% in the 2026 budget and further adjusted to 2.9% in the recent mid-year review. He argued that these continuous revisions indicate manipulation rather than an improvement in data accuracy.
The Minority Caucus further linked the discrepancies to comments from the Bank of Ghana Governor, who admitted flaws in the financing arrangement behind the gold-for-reserves programme. The central bank had reportedly ceased its involvement in the initiative after incurring losses nearing $900 million, which were not mentioned in the government's mid-year statement.
Additionally, the Minority pointed out inconsistencies in the public debt figures. While the Finance Minister claimed a reduction in Ghana's total debt from GHS720.7 billion at the end of 2024 to GHS630.2 billion by October 2026, Bank of Ghana data from May 2026 showed the debt stock had returned to GHS720.8 billion. This effectively nullified the government's claimed reduction, and new borrowing approvals could push the debt increase beyond GHS100 billion.
The Minority Caucus has pledged to continue scrutinizing the figures and holding government officials accountable for any discrepancies in economic reporting.