Deputy Finance Minister, Thomas Nyarko Ampem, has set the record straight on Ghana’s external interest payments after chair of the public accounts committee of parliament, Abena Osei Asare, alleged that the government had overspent by GH₵1 billion—despite a stronger cedi.
Hon. Osei Asare, who represents Atiwa East, claimed during a parliamentary debate on the 2025 Mid-Year Budget Review that the appreciation of the Ghana cedi had not translated into savings on the country’s external interest obligations.
“If the cedi has appreciated against the US dollar, external interest payment should come down. It has rather increased by GH₵1 billion,” she asserted.
But Deputy Minister Nyarko Ampem firmly rebutted the claim, calling it “totally incorrect.”
“Appendix 2C of the Mid-Year Statement shows that GH₵3.79 billion was actually paid out of a programmed GH₵3.97 billion—amounting to a savings of GH₵179 million thanks to the cedi’s appreciation,” he clarified.
To underscore the practical impact of the savings, he added: “That’s enough to build 200 six-unit classroom blocks, including in Atiwa East, her own constituency.”
The Deputy Minister pointed to Paragraph 428 of the Mid-Year Review to explain the GH₵795 million upward revision in projected external interest payments. He clarified that this revision was not due to exchange rate losses, but rather because of:
“…additional debt service due on post-cut-off date disbursements on bilateral loans that the previous administration made in 2023.”
Hon. Osei Asare also criticized the Mid-Year Review as being “too technical” and disconnected from the real economy.
Deputy Minister Nyarko Ampem rejected that notion, defending the Finance Minister’s presentation as “one of the most simplified in recent memory.”
He outlined a series of tangible economic improvements over the past six months, including:
- A drop in inflation from 23.8% to 13.7%
- A reduction in petrol prices from GH₵14.72 to GH₵12.23 per litre
- Increased monthly allowances for assembly members, including those in Atiwa East
- More timely payments to LEAP beneficiaries
- Significant cuts in import duties
“These and many more are the real occurrences in the economy that the Ghanaian people can feel,” he concluded.
