End the debate – time for full disclosure

The ongoing debate about Ghana’s financial position following the transition from the Akufo-Addo administration to the John Dramani Mahama-led government has left many Ghanaians demanding one thing—transparency. The Majority claims the previous government left no financial buffers, while the Minority insists otherwise. But in all this back-and-forth, one crucial question remains unanswered: Where is the evidence?

If both parties are confident in their claims, the solution is simple—publish the handing-over financial statement and show Ghanaians the truth. Political debates and press conferences will not provide clarity; only official documents can settle the matter. Transparency should not be selective or delayed. The people of Ghana deserve to see the real financial state of the country at the time of transition.

Financial Records Should Not Be Secret

Government financial records, especially during a transition, should not be treated as secret documents accessible only to a select few. These records belong to the people of Ghana, who are the rightful custodians and have the right to know the exact financial standing of their country.

Looking back at previous transitions, financial transparency has always been a point of contention. During the handover from the Kufuor-led New Patriotic Party (NPP) administration to the Atta-Mills-led National Democratic Congress (NDC) in 2009, similar concerns arose. The same happened in 2017 when the NPP took over from the Mahama administration. In each case, political debates took centre stage, but what truly settled the arguments were official financial reports, not press statements or partisan interpretations.

This is why it is necessary for the financial statements to be published. If there is nothing to hide, there shouldn't be any difficulty in making the figures public.

Revenue Alone Does Not Tell the Full Story

The Minority in Parliament has pushed back against claims that the Akufo-Addo government left no financial buffers. They argue that as of the end of 2024, the government left over GH¢5 billion in buffers from revenue collected by the Ghana Revenue Authority (GRA) in the Treasury Main 2 Account.

However, there is a major flaw in this argument. The Former Minister of Finance, Hon. Mohammed Amin Adam, in his public address, emphasized that the GRA had collected a total of GH¢68.49 billion as of June 2024, surpassing its mid-year target of GH¢67.9 billion. While this demonstrates effective revenue collection, it does not account for the high expenditure incurred.

Revenue alone does not determine financial health—expenditure matters just as much. If the government collected significant revenue but spent even more, then the so-called GH¢5 billion buffer may not be as solid as it seems. Without a clear breakdown of how much was spent on the revenue generated, the real financial position remains uncertain.

Why the Delay in Making Figures Public?

The transition team has received full financial records. These include revenue reports, expenditure details, outstanding debts, and commitments made by the outgoing administration. It is, therefore, surprising that months after the transition, there is still uncertainty over the numbers.

Additionally, the outgoing government continued to operate on unrestricted expenditure until January 6, 2025. If they were operating with a budget, then where are the figures? What was allocated, and what was left behind? Was the GH¢5 billion spent? These are questions that need answers.

Hon. Felix Kwakye Ofosu, speaking on Newsfile hosted by Sampson Lardi Anyenini, noted that he has original copies of the bank statements as of the time they took over, which he could share with the host on Newsfile on Joy News TV. So what prevents them from sharing them with the public?

Ghanaians Deserve the Truth

At the heart of this debate is a simple reality: Ghana’s economy belongs to the people, not political parties. The ongoing disagreements do not benefit the ordinary Ghanaian, who is more concerned about job creation, stable inflation, and economic growth than about which political party wins an argument.

The only way to move forward is for both parties to release the balance sheet. If the figures are clear and unaltered, the public can independently assess the situation.

For too long, Ghana’s politics has been filled with accusations and counter-accusations. The time for speculation is over. It is time to back words with action. Publish the balance sheet now and let the facts speak for themselves.