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When facts fall, trust crumbles - Dr Bannor takes on finance minister over statements made in budget
//business-finance.news-articles.net/content/202 .. nce-minister-over-statements-made-in-budget.html
Published in Business and Finance on Thursday, July 31st 2025 at 7:42 GMT by Ghanaweb.com🞛 This publication is a summary or evaluation of another publication 🞛 This publication contains editorial commentary or bias from the source
The Institute of Economic Research and Public Policy (IERPP) has taken aim at the finance minister's 2025 Mid-Year Budget Review, citing misleading economic data, key omissions, and a lack of transparency that could erode public trust in the...
When Facts Fall, Trust Crumbles: Dr. Bannor Challenges Finance Minister's Budget Claims
In a scathing critique that has ignited debate across Ghana's economic and political landscape, Dr. Richard Bannor, a prominent economist and policy analyst, has publicly taken issue with several statements made by Finance Minister Dr. Mohammed Amin Adam during the recent mid-year budget review presentation to Parliament. Dr. Bannor's response, delivered through a detailed analysis shared on social media and various platforms, accuses the minister of presenting misleading information that could erode public trust in the government's handling of the economy. Titled "When Facts Fall, Trust Crumbles," Dr. Bannor's rebuttal dissects key claims from the budget speech, arguing that inaccuracies in official narratives not only distort reality but also undermine the credibility essential for effective governance and economic recovery.
The controversy stems from the Finance Minister's address, where he outlined the government's fiscal performance, economic achievements, and future projections amid ongoing challenges like inflation, debt restructuring, and global economic pressures. Dr. Adam painted a picture of resilience and progress, highlighting improvements in key indicators such as GDP growth, revenue mobilization, and debt management. However, Dr. Bannor contends that several of these assertions are either exaggerated, selectively presented, or outright contradicted by available data from reputable sources like the Bank of Ghana, the International Monetary Fund (IMF), and the World Bank.
One of the primary points of contention revolves around the minister's claims on economic growth. In his speech, Dr. Adam reported that Ghana's economy had achieved a robust growth rate of 4.7% in the first quarter of 2024, attributing this to effective policy measures and a rebound from previous downturns. He emphasized that this figure surpassed projections and demonstrated the success of the government's economic blueprint. Dr. Bannor, however, disputes this narrative, pointing out that while the headline growth number may appear positive, it masks underlying weaknesses. According to Dr. Bannor, a closer examination of sectoral contributions reveals that the growth is disproportionately driven by the extractive sector, particularly oil and mining, which are volatile and do not translate into broad-based benefits for the average Ghanaian. He cites data from the Ghana Statistical Service indicating that non-oil GDP growth has stagnated at around 3.2%, far below the levels needed to create jobs and alleviate poverty. "This selective highlighting of aggregate figures ignores the structural imbalances that continue to plague our economy," Dr. Bannor argued, warning that such portrayals could mislead investors and citizens alike.
Inflation figures represent another flashpoint in the dispute. The Finance Minister claimed that inflation had been successfully tamed, dropping from a peak of over 54% in late 2022 to a more manageable 23% by mid-2024. He credited this decline to prudent monetary policies and fiscal discipline, including measures under the IMF's Extended Credit Facility program. Dr. Bannor counters this by asserting that the reported drop is illusory and fails to account for persistent food inflation, which remains above 25% and directly impacts household budgets. Drawing on Bank of Ghana reports, he notes that core inflation—excluding volatile items like food and energy—has not decreased as dramatically, suggesting that the overall figure is being propped up by temporary factors such as base effects from previous high readings. "Telling Ghanaians that inflation is under control while market prices for staples like maize and rice continue to soar is not just misleading; it's a betrayal of trust," Dr. Bannor stated. He further criticizes the government for not addressing supply chain disruptions and agricultural inefficiencies that exacerbate these pressures, arguing that the budget speech glossed over these realities in favor of optimistic projections.
Debt management and fiscal deficit claims also come under fire in Dr. Bannor's analysis. The minister highlighted progress in debt restructuring negotiations, stating that Ghana had secured agreements with official creditors and was on track to reduce its debt-to-GDP ratio from 88% to around 55% by 2028. He also claimed that the fiscal deficit had been narrowed to 4.5% of GDP, aligning with IMF targets. Dr. Bannor challenges these assertions, referencing IMF documents that indicate the debt restructuring process is fraught with delays and uncertainties, particularly with Eurobond holders. He points out that the reported deficit reduction relies heavily on one-off revenue sources, such as asset sales and grants, rather than sustainable tax reforms. "The minister's numbers may add up on paper, but they crumble under scrutiny," Dr. Bannor remarked, emphasizing that contingent liabilities from state-owned enterprises and unresolved arrears could inflate the true deficit figure. He warns that without transparent accounting, these claims risk fostering complacency and delaying necessary reforms.
Beyond the numbers, Dr. Bannor's critique delves into the broader implications for governance and public trust. He argues that in an era of information abundance, where citizens can access data from multiple sources, discrepancies between official statements and verifiable facts erode confidence in institutions. This is particularly critical in Ghana, where economic hardships have fueled social unrest and political polarization. Dr. Bannor draws parallels to historical instances where misleading economic reporting contributed to policy failures, such as during the 2016-2020 period when overstated growth figures masked rising debt levels. "When facts fall, trust crumbles," he reiterates, calling for a paradigm shift toward evidence-based communication. He urges the government to prioritize accuracy over optics, suggesting that admitting challenges and outlining realistic paths forward would better serve the nation.
In response to these criticisms, sources close to the Finance Ministry have defended the budget presentation, asserting that all figures were drawn from official data and aligned with international standards. They accuse Dr. Bannor of cherry-picking statistics to advance a partisan agenda, though Dr. Bannor maintains his analysis is apolitical and rooted in empirical evidence. The debate has sparked wider discussions among economists, with some supporting Dr. Bannor's call for greater transparency, while others argue that the government's narrative is necessary to maintain investor confidence during fragile recovery phases.
The exchange highlights ongoing tensions in Ghana's economic discourse, especially as the country navigates post-COVID recovery, geopolitical uncertainties, and domestic fiscal pressures. Dr. Bannor's intervention comes at a time when public skepticism toward government pronouncements is high, fueled by issues like youth unemployment, currency depreciation, and the cost-of-living crisis. He advocates for independent audits of budget claims and greater involvement of civil society in economic policy-making to bridge the trust gap.
Furthermore, Dr. Bannor extends his analysis to revenue mobilization efforts. The minister boasted of a 25% increase in tax revenues, crediting digitalization initiatives like the Ghana Card integration and e-levy expansions. However, Dr. Bannor questions the sustainability of these gains, noting that much of the revenue boost stems from inflationary effects rather than expanded tax bases. He references World Bank assessments showing that Ghana's tax-to-GDP ratio remains below 15%, lagging behind regional peers like Kenya and Senegal. "We're taxing the same narrow base harder, not broadening it," he explains, proposing reforms such as property tax enhancements and anti-corruption measures in revenue agencies to achieve genuine progress.
On expenditure side, the budget's allocation to social programs drew praise from the minister, who highlighted increased funding for education, health, and infrastructure under the Free SHS and Agenda 111 initiatives. Dr. Bannor, while acknowledging these efforts, criticizes inefficiencies in implementation, citing reports of project delays and cost overruns. He argues that without rigorous monitoring, these allocations risk becoming mere announcements rather than impactful investments.
In conclusion, Dr. Bannor's takedown of the Finance Minister's budget statements serves as a reminder of the delicate balance between optimism and honesty in economic reporting. As Ghana strives for stability, the call for factual integrity resonates strongly. Whether this critique prompts revisions or deeper scrutiny remains to be seen, but it underscores a fundamental truth: in the realm of public policy, trust is the ultimate currency, and once eroded, it's challenging to rebuild. The ongoing dialogue could shape not only the current fiscal year but also the nation's long-term economic trajectory, urging all stakeholders to prioritize truth over expediency.
Read the Full Ghanaweb.com Article at:
[ https://www.ghanaweb.com/GhanaHomePage/business/When-facts-fall-trust-crumbles-Dr-Bannor-takes-on-finance-minister-over-statements-made-in-budget-1994070 ]