Negative Economic Narrative Could Deter Investors – Oppong Nkrumah Cautions Finance Minister

Member of the Finance Committee of Parliament and former Minister for Works and Housing under the immediate past government, Kojo Oppong Nkrumah has issued a strong caution to the Finance Minister ahead of the presentation of the 2025 Budget Statement and Economic Policy.

The MP for Ofoase Ayirebi is cautioning the Minister for Finance to be truthful about the true state of the economy and avoid exaggerating the challenges the country has faced.

Ahead of the presentation, Kojo Oppong Nkrumah believes there is the tendency for the Minister, Dr. Cassiel Ato Forson, to be tempted to paint a bleak and gloomy picture of the Ghanaian economy which hardly reflect the records.

The former minister insists Ghana‘s economic records are periodically published by state institutions such as the Bank of Ghana and the Ghana Statistical Service. To him, these are official institutions that produce objective data about the country’s economy and hence the state of the economy cannot be a matter of political interpretation.

In an interview monitored by Accra Street Journal, Mr Nkrumah insisted that the data produced by the credible institutions reflect the economic reality, hence warns against any distortion and dramatization.

He warns that any attempt by Dr. Cassiel Ato Forson to paint an all gloomy picture will have serious repercussions on the economy as it could potentially drive away investors.

Oppong Nkrumah advised that as he prepares to present the budget, the minister must not succumb to the pressure to misrepresent the truth since such a gloomy picture could undermine investor confidence.

“We expect the minister to be truthful with the economic records of this country. The economic record of this country is not in the mouth of any politician. The Ghana Statistical Service, the Bank of Ghana and other institutions of state regularly publish Ghana’s economic records,” he indicated.

He added that, “I think that the minister should desist from any invitation from political forces to usurp the numbers to paint a more bleak story of the Ghanaian economy than it is, because if he does not, he will scare investors away. If he does that, he will not be true to the economic record of the country. What we need is to be true to the records and build on the successes.”

Investor confidence is a critical pillar of economic recovery, hence Oppong Nkrumah’s caution serves as a reminder that responsible economic communication is as vital as fiscal policy itself.

As the government unveils its economic blueprint for this year, all eyes will be on the Finance Minister to see whether he strikes a balanced tone, acknowledging economic hurdles without amplifying them to the detriment of business confidence and investment prospects.