Abena Osei Asare Corrected by Deputy Finance Minister Over External Interest Payment Remarks

Deputy Minister for Finance, Thomas Nyarko Ampem, has firmly rebutted a claim made by former Minister of State at the Finance Ministry, Abena Osei Asare, regarding Ghana’s external interest obligations. The exchange occurred during parliamentary discussions following the presentation of the 2025 Mid-Year Budget Review.

During her contribution to the debate, Ms. Osei Asare, who served in the previous administration, questioned why external interest payments had increased by GH¢1 billion despite the appreciation of the Ghanaian cedi against the US dollar. Her argument suggested that a stronger cedi should have translated into reduced costs for servicing external debt.

“If the cedi has appreciated against the US dollar, external interest payments should reduce. But it has rather increased by GH¢1 billion,” she stated, casting doubt on the government’s fiscal narrative.

Responding on behalf of the Finance Minister, Dr. Cassiel Ato Forson, Deputy Minister Nyarko Ampem described the statement as factually inaccurate and misleading. He clarified the issue by referencing specific figures from the Mid-Year Fiscal Policy Review.

Citing Appendix 2C of the budget statement, the Asuogyaman MP explained that the government had originally projected GH¢3,972,429,055 in external interest payments for the first half of the year. However, the actual expenditure amounted to GH¢3,793,095,347—resulting in a savings of over GH¢179 million.

“This savings is a direct result of the cedi’s appreciation and responsible debt management,” Nyarko Ampem stated. “These are not just numbers on paper. GH¢179 million is enough to construct approximately 200 six-unit classroom blocks across the country—including in Atiwa East,” he added, referencing Ms. Osei Asare’s constituency.

To further dispel confusion, the Deputy Minister addressed the GH¢795 million upward adjustment to external interest payments mentioned in Paragraph 428 of the Mid-Year Review. He emphasized that this increase was unrelated to exchange rate dynamics. Instead, it was due to additional debt servicing obligations on bilateral loans that were disbursed after the cut-off date, commitments made under the previous administration in 2023.

“The rise is due to additional liabilities, not cedi depreciation. It’s important that we base these discussions on facts, not assumptions,” he remarked.

The Deputy Minister also took the opportunity to respond to broader criticisms from Ms. Osei Asare, who had accused the government’s Mid-Year Review of being too technical and detached from the realities of everyday Ghanaians.

Nyarko Ampem firmly rejected that assertion, describing the budget presentation delivered by Dr. Forson as one of the clearest and most accessible to the average Ghanaian in recent memory. He outlined several concrete indicators of progress that, in his view, directly benefit citizens across the country.

Among the key improvements he highlighted were:

A notable decline in inflation from 23.8% to 13.7%,
A drop in petrol prices from GH¢14.72 to GH¢12.23 per litre,
Increased monthly stipends for assembly members, including those in Atiwa East,
Enhanced and timely payments to LEAP (Livelihood Empowerment Against Poverty) beneficiaries,
And meaningful reductions in import duties.

“These are tangible results—not abstract economic concepts. Ghanaians are feeling the difference in their daily lives,” Nyarko Ampem asserted.

He urged his colleagues in Parliament to rely on verified data and avoid politicizing critical economic discussions, especially when those discussions impact public perception and confidence.

As the debate around the 2025 Mid-Year Budget Review continues, the Finance Ministry maintains that its fiscal policies are yielding measurable gains, despite ongoing economic challenges inherited from previous administrations.

The Deputy Minister concluded by reiterating the government’s commitment to transparency, economic recovery, and social protection, stating, “This government will continue to manage public finances responsibly and put the interests of Ghanaians first.”