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GHANA HIGH LEVEL POLITICS IN GHANA KEN AFORI-ATTA'S FALL FROM GRACE REPLACED BY DR. CASSIEL ATO FORSON PLAY YOUTUBE VIDEO Original article: https://www.tiktok.com/@trtafrika/video/7514683192490642693 Original article: https://mofep.gov.gh/sites/default/files/budget-statements/2025-Budget-Speech.pdf
Peter Burgess COMMENTARY I knew quite a lot about Ghana several decades ago when I was the CFO of an international fishing company based in the USA and subsequently an international concultant doing work with the World Bank, the United Nations and others. In the 1970s a substantial international fishing fleet was based at Tema in Ghana. I had a role in repositioning our company's trawlers away from Ghana where costs had increased and the shrimp resources had been over-fished. In the 1980s and 1990s I did several assignments for the World Bank and the UN mainly related to agriculture. Years later, I did consulting work for the UN and the World Bank in Ghana mainly to do with fisheries, agriculture and rural development. On one assignment I was based in Kumasi, a location with long history of mining. I was struck by the fact that everything I knew about Kumasi was from reading the financial pages in a London newspaper! It was something of an 'ah-ha' moment ... alerting me to the stark reality that most economic development that gets substantial funding creates much more wealth for the financiers than for the people that live where the projects are located and work on the projects. I met Ken Aforo-Atta in Ghana when he was quite young. He had studied at Yale University in the USA and had just returned to Ghana and set up a combination financing / consultancy company. I had several meetings with him at his office in Accra and shared with him some of my thinking about the potential in Ghana for a new resouce based development framework ... something that was a lot more 'people-centric' than 'profit-centric'. About three weeks after the fist meeting with Aforo-Atta, I was relaxing in my hoel room when several Ghanaian security personnel came into my room and put me in hand-cuffs. Without any explanation ... or paperwork ... or anything, they hustled me into a car and drove me away from the hotel to somewhere. I had no idea where I was, nor where I was being taken!. I believe I was taken directly from my hotel to the main prison complex in Accra ... where I was 'processed' including getting my regular street clothers replaced by a prison inmates uniform. I was completely 'powerless'. None of the staff in contact with me had anything to say ... they were obviously following 'orders', but where these 'orders' had come from was not at all clear. In less than half an hour, I was 'processed' and taken to a cell. There were about 20 occupents of the cell ... a pretty rough looking group of folk. Not surprisingly, I was the only 'white' person in the group!. There was no 'furniture' in the cell ... just some mattresses for sleeping! We could stand, or sit on the floor! One of the inmates in my cell was wearing 'leg irons' to constrain his violence. To my surprise, this man took it upon himself to act as my 'protector' ... and it also opened my mind to question the many 'assumptions' I had made about people over the years that were probably 'wrong!. For me, the experience of being incarcerated and having zero power of any sort was new ... and not a good experience. Every day for about an hour, we got to mingle with other inmates in a small courtyard. The walls around this little courtyard were about 30 feet high ... so high that sunlight never reached the floor!. I was surprised at the diversity within the prison inmate population ... not in terms of race, I was the only caucasian! ... but in terms of background and intellect. One man ... probably about 50 years old ... was a leader from a fairly large rural community. He had been jailed because of his efforts to upgrade the economy of his community. Like myself, he had recognised that the natural resources of his community were being exploited by 'outsiders' with nothing remaining for the local people. His analysis was almost identical to me own ... and he was 'rewarded' by incarceration! After about four seeks of incarceration, I was brought before a panel of officials to inquire about my activities in Ghana. For some reason I was being linked to an indicidual from Liberia who was connected with Charles Taylot. This individual and I had crossed paths in both Liberia and the Cote d'Ivoire ... but not to my knowledge in Ghana My guess is that my inquiries about gold might have been the link ... but I don't know. Soon after this panel of inquiry, I was released and returned to the hotel in Accra. No explanation. No 'paperwork'. Nothing. I did not stay long in Ghana after this experience. I headed to the airport and back to the United States as fast as I could. More than 20 years later, I don't remember the details of this Ghana episode in my life very clearly. But it is welcome news that Aforo-Atta has fallen from grace ... apparently he is 'out of power' and is being sought by Interpol. He has not been brought to any form of real 'justice' yet ... but hopefully that will come soon. For the moment, I am in a 'celebratory' mood. It is sad that so many 'bad guys' get into powerful positions at the 'top' of society. This has to be fixed ASAP! BUDGET STATEMENT AND ECONOMIC POLICY ... 2025 Discussion and Presentation to Parliament ... March 11th 2025 Dr. Cassiel Ato Forson is the new Minister of Finance, replacing Ken Afori-Atta. I have recently read the Budget Statement and Economic Policy of the Government of Ghana for the 2025 Financial Year presented to Parliament in March 2025. Here is the speech. Original article: https://mofep.gov.gh/sites/default/files/budget-statements/2025-Budget-Speech.pdf Here is a transcript of the Minister's presentation in Ghana's parliament in March 2025. Transcript 1:38 Hello. Hello. Can you hear me? Are you clear? Can you hear me? Yeah. Ready? Honorable. Good morning. Good morning. So, the finance minister will be here. What are what are your preliminary expectations? Yes. Um, as a nation where we have come to this time, my expectation as a member of parliament is for government to really go by his uh 2:04 the manifesto pledges to make things better for Ghanaians praying prices of goods and services should continue to fall inflation I'm getting the this is about 9 something% now single negative inflation we pray to continue the uh dollar or the foreign exchange will continue to go downward for us because most of our things are about importation. So if the dollar continues to fall it mean it will finally inure to the benefit of Ghanaians where prices of goods and services will also continue to fall because as it is now the government agreed policy we can't say has been able to take off fully because they just planted are you getting me harvesting will come off around September October there on so it that will be the time we 3:03 actually see the impact from our but let me also put it on record we are aware we from the northern sector are aware that the rainfall patterns are not good enough and so for us to reap from agre in the very near future government will have to go more on irrigation we have a lot of rivers surrounding us government will have to plan intentional irrigation uh using the water bodies maybe by solar and all those things so for this year because of the nature of the pattern of rainfall I'm not very comfortable we only pray that the lord good good for us so that the government can achieve uh uh it uh policies. Now the government pledged for tractor machinery services, tractor services for conu and other people. I know we don't manufacture tractors and those equipments in Ghana. They have to import. We are praying it should be success. The Greek minister has been going up and down. The trade minister has been going up and down and 4:01 we know at the long run we will succeed and Ghana will be the winner. We don't pray doom for oil prices should also continue to be stable because there are a lot of things we don't control and as a developing country but so far not bad because the minister of finance and the economic management team they are not doing bad at least they are not doing bad all csos we listen to all organizations market women we listen to but one thing must also be on record that a nation some traders are very wicked some traders are very wicked wicked in the sense that they bring the goods and they refuse to reduce the prices when the dollar is down. You see there some claim it is the old stock but up to now I'm sure there are no old stocks in the system. So I was talking to your other station like TVS this I said it I said the localities we should have people to go around like the old ancient time people who are citizens should go 5:00 around monitoring prices of goods because if cement for instance is selling in Ara around 80 CD you shouldn't sell more than 90 CD in the upper east and other places if not government should let his attention go to uh those uh commodities and so that they it's not about price control but it's about government to watch out for people businessmen who are just morally wicked or maybe I'm a businessman the government is not my government so reduction in prices I won't do no it's bad the nation we need to do things to to to cushion almost everybody these are the things I can say so far thank you very much so I'll just quickly move to my colleague George AC and we'll just have oh no before I go to George let me just speak to honorable Let's get his thoughts on the 2025 media budget too. Honorable, good morning. How are you? Good morning. You're looking good. Thank you very much. You you also look good. Economy is good. Anyway, uh what are your initial expectations for today's presentation? The expectations are that uh we're not expecting the finance minister to be 6:05 asking for more money. You remember on 29th March we passed appropriation bill of 292 billion and this government very mindful of our prudent economic policies uh we've promised the good people of Ghana and also tight fiscal discipline coupled with value for money anchored on very strong physical discipline we're not going to ask for more money two I'm not expecting any big surprises, any big taxes. Taxes. Exactly. And we will build on the strong foundation that has been laid over the past 6 months. You remember we took over when uh inflation was 24%, now down to 13%. If you look at non-food and non-alcoholic, it was 28%, now down to 16%. If you look at food, 19%, down to uh 11%. So things are going well. petrol 7:04 around 70 cities down to 55 cities. Uh $1 was around 16 cities now and 11 cities. So these are the foundations we're going to build upon and that is exactly what the finance minister is going to talk about and that will be anchored on productivity. We've been talking about productivity, productivity, productivity and the 24-hour economy. Today he is going to talk about how based on the strong foundation we've laid we're going to chart the path of productivity. So these are some of the things we are expecting today. Honorable thank you so much. Thank you very much. I'm very confident u uh the finance minister you know fantastic 6 months. Uh if you look at the first quarter growth agree sector alone grew over 6% in the first quarter. If you look at the last 6 months uh consumer price index, the inflation keeps coming down and down and down and down. Fitch has upgraded us from 8:04 restricted default to now be manage and as a result of the confidence in the economy. IMF has released 360 million uh of their 3 billion branch and World Bank has also approved 360 million to strengthen the economy and lay out lay down resilient growth. So the numbers are looking good and we expecting that this budget will push us to translate that into the pockets of the people. Prices of goods and services already coming down and we will see real difference in the last quarter of the year. Honorable, thank you very much. Thank you. Yes, honorable. Honorable, good morning. Good morning. How are you? Doing well. Yeah, you're looking good. Yeah, thank you. Yeah. So, what are expectations for the media review today? Ghanaians are anticipating that are we going to continue the gains this his excellency has gained for Ghanaians? But actually let me tell you we are going to 9:03 even experience more because um any form of recruitment is happening this time around. Clarence will be given uh goods and services that we anticipated that prices should come down. Indeed we are going to experience it. So trust me government is committed and we are going to see epitome of that goodwill that people are doing to his excellency John Dman before you go but there are also concerns in the market that um those the traders don't want to reduce the prices despite the city gaining um on the forex market two days ago I believe that the anticipation was that the Ghanaian city was going to fall again but for the past 6 months consistently it has gained. Yes. Yes. There have been some stability. So I don't see why our people feel that we are not going to make the gains happen. Yes. We are just 6 months old as a as a government. For the past 8 10:02 years this uh currency has lost month on month and I feel they have genuine concerns but unfortunately for the past few days uh months this thing has actually happened. So please they should calm down for us. We are going to sustain this game. Thank you very much. Yes, I'll just move quickly. Honorable. Good morning. Hello. Are you just your quick thoughts on the major presentation today? The media review. Yes, thank you. Um I think so far the government has done very well. We have demonstrated to the people how prudent we can in the management of the economy. We have ensured that um the dollar has bowed somehow to the city. The city has improved significantly. Um we have affected the lives of motorists by ensuring that fuel prices are reduced drastically. Um as we are going in there I expect at Fossy who is honorable at Fossy who is forcing for mother Ghana to 11:02 you know tell us more about more of the things he's putting in place the measures he's you know going to embark upon to ensure that the economy gets better. Um we some of us are having aspirations of seeing the um inflation get to single digits. We are looking forward to making sure that the dollar you know dips further you know down. We ensuring that um measures that are being put in place now will will positively affect the lives of the people because you see when you do all of these and the people don't feel it it's a challenge. Yes, you have reduced the dollar and what have you. Um, now we have to see the practicality of it. So, I believe that he's going to say things that will make sure these things happen practically. But, finally, there are memories that your colleagues on the other side are planning a boycott. What's your reaction of that? Oh, I mean it's it's in their DNA. You 12:01 know, yesterday they do the day before and so on and so forth. Um, the fact that you're in opposition doesn't mean you should oppose everything that government brings to you. I mean they couldn't manage the economy this well. Obviously we have done way better than they did. If they have anything to do at they should sit in there and applaud at applaud his excellency Jama applaud the majority for the prudence that we have exhibited. I mean we have established the gold board which is to ensure that all the gold you know that are mine do not you know disappear into smuggling and what have you that there's accountability in that regard. is ensuring that we are recouping good monies you know for the government that would have gone away. So all these things we are doing to make sure Ghana gets better. They couldn't I mean they didn't do it this way and obviously they couldn't have done any better. What they did was their worst because they brought in all their best. You understand they had a finance minister that became a tag of war to change because there was no better alternative and in the end what they got worsened the plight of Ghana. You felt it. All of us felt it today. Can you tell me that what you went through the hardship you went through the last time the pre under the previous government is the same thing now? No. All the indicators are positive which shows that Ghana is getting better and trust me by the end by the time we end the first four years Ghana will be a better place just just it's English. So we have brother first of all what's your expectation of your brother thank you for this opportunity I'm expecting that they come here and speak the truth nothing but the truth nothing but the truth I'm expecting that the truth I mean that 7 months down the line the NDC government has not done anything but anybody that days they are doing bad or good is not being honest because they 14:02 are still at the formative stage of their government even tomorrow they they are betting some ministers they haven't finished forming their boards they haven't put a pesa in the road fund so how can anybody say that NDC government is doing well or not if I say they doing well I'm being a liar if I say they are not doing well I'm being a liar we need to be honest with ourselves everything that we are seeing today is as a result of what they inherited. They presented a budget here. They presented a budget here. No boss. No, no, stop that. Please behave. I beg you. Look 20. Look, Dr. Atuen presented a budget here. I wish we had it here. In fact, economy that was at one point grew 0.4%. You remember the world crisis that the world grew negative 3.3. By the time we were leaving power, it was growing 5.66%. 66%. He said it here. Inflation had gone to 54.1. By the time 15:02 we left power, it had reduced to about 22. You were here in his own budget. Primary balance had been doing well, better than even 2016. GDP was higher than 2016 3.4 exchange rate went to 54%, it had come to about 16. So the economy had been fully recovered. It's like having a terminal disease. And then you are healed. And after being healed, your palm that was pale, your eyes that was pale, the food you could not eat, you started recovering. And this is what they have inherited. But you can't say they doing good or bad because they say forming their government. Then let's not keep on always deceiving ourselves as a country. For once NDCP, we should forget about the when they say they change the story that every days 17:05 Honorable members, due to the nature of business today, we have to vary the order of business as captured on the order paper and so I want to call on you to let us start with order paper addendum order paper addendum. So we'll move straight to at the commencement of public business. Sorry Mr. Speaker. Yes please. We don't with with respect we don't have the order paper at so I would like to draw your attention to that. We don't we haven't seen it. 18:19 Honorable members, please. We are still in transition. So sometimes it can be an oversight but it's there in the the soft copies are there with you. It's just that we are used to hard copies. So sometimes we don't look at the system. So it's available paper addendum. We have one but it's not numbered one. It's just order paper addendum. Then there's order paper addendum two. So we'll start with the order paper addendum. 19:06 Yes, please. Majority leader. Yeah, Mr. Speaker. So we'll take um item one on the order paper aendum. So in the order of our business, it is preferable for us to start with item three before we come to presentation and first reading of bills and presentation of instruments. Yes, Deputy Minority Leader. Thank you, Mr. Speaker. Mr. Speaker, I think I whispered something in your ear uh that we would like our chief whip to make a statement before we take that agenda. Thank you. 20:06 Yes, you are right. you whispered to me that you have a short statement you want to make to draw our attention to something. So please um may I listen to the minority chief speaker? 21:07 ful grateful for your kind. Wait, I want them to be spared before. Wait, I want them to be spired before electoral violence. Mr. speaker is increasingly raring its ugly head in our fledging democracy. Mr. Speaker, the recently rerun 19 pooling stations at Abumov is truly revealing. Uh, honorable minority, honorable minority chief Just a minute. Honorable members. The minority chief of raising a very serious matter, 22:08 election violence. I think it's a matter that we should take note of and devote a day to dilate on it and at the end of the day take a position because we need everybody to be on board. It takes away a lot of the shine of our democracy in this country. And so what he's talking about a serious matter is not something for us to just gloss over. But I want to plead with him. I didn't know the statement was on this subject matter because I myself have noted it and my intention is for us to devote a day and enough time to take this matter through. It worries all of us. Particularly 23:06 you the players must be more worried than any other person because the violence will be meed up to no other persons apart from you the players. So it's something that we should take some time and I want to urge the minority chief whip to let us talk today because we don't have time to do that and uh our our nation in spite of what we're talking about today are focused on hearing what the minister is going to tell us about the media review. then we'll get enough time to handle your matter. Thank you so much speaker. Speaker, with respect, I will not on any day defy your authority. But speaker, we 24:05 have aligned up a number of activities to back home our demands. And to the extent that these violence visited are not atone, we cannot be part of the presentation of the media budget. And to that extent speaker to that extent we are exiting the parliament and cannot be part of this process. I'm ready. 25:44 [Applause] Hallelujah. [Applause] 26:04 [Applause] Yes. Uh [Applause] 27:01 Yes, Majority Leader. Thank you very much. Uh, Mr. Mr. Speaker, this side of the house definitely agrees that electoral violence is not something that any of us should count on us. We do agree that as a country we should be committed to ostracizing any form of electoral violence. We agree with them indeed. Mr. Speaker, yesterday I attended the National Executive Committee of the National Democratic Congress on behalf of this side of the house and the issue of electoral violence was discussed and 28:01 I attended a meeting of the National Executive Committee of the National Democratic Congress. And there was a clear commitment by the national executive committee to take steps to deal decisively with the issue. Honorable Majority Leader, once I did not permit the statement to be made, I don't think it's proper for you to make comments on it. So what we've done is sufficient. Let's move on to business and do what is proper for today. As I said, we have another day to discuss this matter. Yeah. Yeah, Mr. Speaker, I agree with you. Just one last No, but it not be fair that after I've stopped him. Yes. I allow you to comments on Unfortunately, Mr. Speaker, we couldn't stop them from walking out. 29:01 No, we couldn't stop them from walking out. Well, and the whole nation the whole nation has seen the problem. Whether it's fortunate or unfortunate, that's a different thing altogether. Let's go on with today's business. That is so Mr. Speaker. Yes. Except that I will land. There's no accept. There's no accept. Okay, Mr. Speaker. So um we we will take item number number three uh on the addendum order paper. Yes honorable members before we do that let me just acknowledge the presence of our august visitors from a number of our schools and other institutions. We have over 32 students from the Bulma Senior High School. Uh led by the headmaster of the school in the person 30:00 of George Ampo. Uh the school is located in the Tanonov constituency. Yes, they are up there to my right side at the public gallery. Please you are welcome. And what just happened is what we call a walk out. It's a is is part of the practice of democracies all over the world. Uh when sometimes you disagree strongly with an issue, you walk out. After they finish with that item, you walk in and continue. When you boycott, you just don't attend at all. Then that one will be a boycott. But this one, they were present and they did a walk out. It doesn't prevent business from going 31:02 on. Once you have the courtroom to transact business, you have to go on. If you have the numbers to take a decision, you proceed with that. Okay. So please you are warmly welcome and even though you have been welcome with your MP welcome you so please you may resume your seat it's an experience I'm sure you never forget of it yes we have 41 student also from Sewa K girls senior high school also from Tanov. They are led by the head mistress of the school in the person of Margaret Anan AJ. They are also to my right you know 32:01 and one common thing about them they are beautifully attired you know both both institutions they are welldressed I I hope you get time even though he walked out to take a picture with him please you are welcome you may resume your seats we have students from the university pra p p p p p p p p p p p p p p p p p p p p practice Senior High School led by the teacher Mr. Andrews Ammo Smith. The school is located at the Cape Coast North constituency and there are 36 36 36 of them are here. You are warmly welcome. kindly resume your seat. You are lucky your MP didn't work out. 33:03 Um, we have also we have also from the Jamasi Pentecost Child Development Center. They are 55 in number and they are led by the director of the center in the person of Magdalene Kobla. This center is located in the Afijaur East constituency. 55 of them are here. I in the absence of your MP welcome you to the house. But as I advised, please, it's a good opportunity to have a shot with the MP. I'm sure he'll be waiting outside for you. Honorable members, you may resume your seats. We also have 34:07 the presence of a number of visitors from the Kona Presby Child Development Center. uh they are led by the director of the center in the person of Peter Quac. They are 56 in number and that is also from Afijaur East constituency. Um it's a good day for you because you never forget about this day that you came, you saw and The house has warmly welcome you and particularly they are dressed in a branded uh uniform with some designs very unique designs. 35:02 Please you are most welcome resume your seat. And the last is 12 12 gentlemen and ladies from the MDAs and CASOS on basic parliamentary training. Are you hearing the name MDAs and CSOS on basic parliamentary training they are led by the team leader Muhammad Mutari Al-Hassan please don't train them on this what happened today there are 12 in number and because of the nature of the 36:01 institute they are not specify where it is located which meant that it's made up of a collection of many people from all over the country MDAs and CSOS all over the country and they participate in basic parliamentary training and this is being handled by the parliamentary training institute which is located and created here by parliament itself. So that's what we're doing giving them basic parliamentary training but definitely they will explain what has happened to you. You are wly welcome you may resume your seats. Yes, honorable members. We now move on to item three motion, Minister for Finance. 37:00 Majority Leader, you may usher in the Minister for Finance to move the motion. [Applause] Hallelujah. Yes, Minister Motion number three that this honorable house approved the media fiscal policy review of the budget statement and economic policy of the government of Ghana for the 2025 financial year minister for finance. 38:05 Honorable members, please. I'm watching all of you. Yes, Minister. Right honorable speaker, before I proceed with the media review, I would like to pay a tribute to the former president, Professor John Evans Atamos, whose unfortunate demise occurred on this very day, 24th of July, 13 years ago. Mr. Speaker, may his gentle soul rest in perfect peace. Mr. Speaker, I beg to move that this house approves the midyear fiscal policy review of the budget statement and economic policy of the government of Ghana for the 2025 financial year. Right honorable speaker, I'm back to the house today with deep sense of duty and 39:01 optimism to present the media fiscal policy review of the 2025 budget statement and economic policy of government on behalf of his excellency President John Dramani Mahama. Mr. Speaker, this presentation is in line with section 28 of the Public Financial Management Act 2016 Act 921. Mr. Speaker, I respectfully request the entire media policy fiscal policy review to be captured in the Hanzard while I present the highlight. Mr. Speaker before this review is more than a fiscal update. It is an account of what we inherited and the positive results of our stewardship in the last 198 days. Mr. Speaker, following his re-election with an overwhelming mandate, President John Mahama inherited an economy in deep distress far worse 40:04 than what we had imagined. The economy was marked by large imbalance with huge MDA arrests, massive debts, weakened institutions, and heightened public anxiety. Since 2023, the debt in the cocoa and energy sector had in particular posed significant fiscal risk to the Ghanaian economy. The Ghanaian private sector and the business community looked on in despair. Public trust was completely eroded. The national spirit was broken and the foundation of our economy had sunk even deeper. Mr. Speaker, the budget deficit had ballooned because of reckless commitment and wasteful spending. The indebtedness of the government had culminated into state insolveny. The impaired balance sheet paralized almost every single state enterprise. High cost of living and inflation impoverished 41:04 large segment of the corporation, eroding the real value of their income and savings. Right honorable speaker, the mismanagement of our public finances by the previous administration led to a devastating haircut through the DD which denied pensioners and middle class their lifetime savings, their livelihood and in fact their dignity. Mr. Speaker, Euro bond holders also suffered painful haircuts severely affecting Ghanaian businesses and financial institutions. Soaring interest rates crowded out essential spending on education, health and infrastructure. Right honorable speaker, the Ghana city depreciated against all major currencies to levels never seen before, making it the worst performing currency in the world. Public sector corruption reached an all-time peak. As President Muhammad said, the whole of Ghana was indeed a crime scene. Mr. Speaker, investor confidence waned 42:00 considerably, significantly reducing investment inflows. The public debt reached unsustainable levels. The unemployment situation worsened, which made it difficult for Ghanaians to find decent jobs. Many micro, small, and medium enterprises collapsed under the weight of economic mismanagement. Right honorable speaker, to comp to compound all this, the country suffered credit rating downgrades by all three major credit rating agencies, placing Ghana firmly in default or junk territory never seen in the history of Ghana. Mr. Speaker to further illustrate this the enormity of this economic burden we inherited an IMA program which had derailed and completely gone off track with key target missed putting our economic recovery program in due in the words of the deputy managing director of the IMF Mr. Boli the quote the program had deviated substantially from its target by close of 2024 unquote Mr. Mr. 43:06 Speaker, we also inherited weak commitment control control systems and irresponsible safety spending which left arrest of over 67 billion and contract commitment of about 194 billion Ghana cities. Right honorable speaker, we inherited a bleeding energy sector with annual financing shortfall in excess of 1.5 billion US. We inherited a debtraed cocoa sector with liabilities of 32 billion Ghana cities, a weak financial sector with significant non-performing loans despite pumping over 30 billion Ghana cities into the so-called financial sector cleanup. Right honorable speaker, steep debt repayment harms were also inherited where at the time, Mr. Speaker, we inherited repayment harms of 20 billion for the year 2026, 50.3 billion for the year 2027, and 45.8 billion for the year 44:04 2028, as well as significant short-term li uh short-term treasury bills maturities of about 137 billion Ghana cities. Mr. Mr. Speaker, we inherited depleted buffers needed to cushion the country from any fiscal or external shocks with empty sinking fund. And Mr. Speaker, we inherited stored projects, about 55 of them tied to bilateral debt restructuring with about 3 billion US in undispersed loans. Mr. Speaker, the root of our 2022 economic crisis can be traced directly to an overbearing fiscal dominance marked by reckless spending and corruption compounded by poor leadership of the previous NP administration. Mr. Speaker, the worsening fiscal situation spilled over into the monetary and external sector, causing a rapid depreciation of the Ghana cities. The monetary financing by the central bank reached an all-time high, driving 45:04 inflations to levels never seen in decades. Mr. Speaker, there was a complete lack of coordination between the Ministry of Finance and the Bank of Ghana, signaling the highest level of incompetence in the management of our economy. Mr. Speaker, in the face of all the all these dire inheritance bequit by the Kufu Bumia administration, the government of President John Drammani Muhammad made a conscious decision not to make excuses but to reset our country. [Applause] We chose the path of structural reforms and transformation. We set out to reset our economy, restore good governance and policy credibility. We renewed our social contract with the Ghanaian people and redefined national priorities by being deliberate in both our policy choices and approach to economic management. At the very onset, we organized a national economic dialogue and the 46:01 national education forum. Mr. Speaker, we held direct engagement with key groups and stakeholders including market women, trade unions, youth organization and traditional leaders. Mr. Speaker, you may recall that clear policy measures were outlined in the 2025 budget presented to this house in March this year. In our in our new economic model, Mr. Speaker, we tighten fiscal discipline without compromising social spending. Right honorable speaker, the recent IMF executive board affirmed this new economic management model, noting that faced with large policy slippage and reform delays at end 2024, the new NDC administration had taken bold corrective actions to maintain the program on track. Right honorable speaker, the IMF further noted that these corrective actions combined with continuous structural reforms and an improved external sector 47:02 are expected to result in economic stability, resilience, and inclusive growth. Mr. Speaker, we streamlined and increase investment in education, health, agriculture, and infrastructure as well as employment. In fulfillment of our of our major manifesto pledge, we establish the Ghana Gold Board through Act 1140 to accumulate foreign exchange to support the stability of the Ghana city. We have restored coordination between the Ministry of Finance and the Bank of Ghana to ensure a cohesive and integrated approach to economic policym across relevant institutions. Mr. Speaker, in less than two 200 days, we have brought back clarity, certainty, stability, and purpose to our economic policy direction. Right honorable speaker, we have made significant progress. The signs of recovery are obvious, evident, 48:03 noticeable, visible, tangible, and they are being felt. Mr. Speaker, Ghana's fiscal position has significantly improved. The primary balance on commitment basis posted a surplus of 11.1% of GDP at the end of June 2025, beating the ambitious 0.4% surplus target for the same period. Right honorable speaker, the overall fiscal deficit on commitment basis was 0.7% of GDP, outperforming the target of 1.8% at the end of June 2025. Mr. Speaker, inflation has reduced significantly from 23.8% at the end of December 2024 to 13.7 at the end of June 2025. Mr. Speaker, it's important to note that this is the lowest since December 2021 49:00 and marks 6 month of continuous decline. Interest rates are declining with a drastic drop in Treasury bill rates. The 91day Treasury B rate has reduced from 27.73 in December 2024 to 14.73 in June 2025. A decline of over 1,300 basis point. Mr. figure the 182 day T bill rate has reduced from 28.43% in December 2024 to 15.34 in June 2025 a decline of another 1300 basis point. Mr. Mr. Speaker, the 364 day T bill rate has also reduced from 29.95 in December 2025 to 15.76 in June 2025, marking a decline of over 1,400 basis points. Gross international reserves has 50:00 significantly improved. Mr. Speaker, the Bank of Ghana accumulated 11.12 billion US covering 4.8 8 month of import at the end of June 2025 and this compares to $8.98 billion US covering a 4 month of import as at end December 2024. Mr. Speaker, the Ghana city has demonstrated exceptional resilience and strength in recent month. At the end of June 2025, the Ghana city appreciated by 42.6% 6% against the US dollar, 30.3% against the British pound and 25.6% against the euro. This is a significant reversal compared to the same period in 2024 and the and the city when the city depreciated by 18.6% 17.9% and 16.0% respectively. 51:01 Mr. Speaker, so far we have almost reversed all the city depreciations in the year 2022, 2023 and 2024. Mr. Speaker, it is important for us to note that it is the first time that this level of appreciation has been recorded in the 60 years history of the Ghana city. Rating agencies which are which once classified our sovereign credit witness as junk are beginning to upgrade our ratings. Fitch ratings upgraded Ghana's long-term foreign currency issuer default rating to B minus with a stable outlook from restricted default on the 17th of June 2025. The IMF program is back on track with the successful conclusion of the fourth review by the IMF executive board on the 7th of July 2025 which immediately 52:00 triggered the disbbursement of 367 million United States dollars. Right honorable speaker, beyond the numbers, this is a story of sound leadership, better economic management, and a restoration of hope to a nation once in despair. Let me on behalf of the president, President John Mahama, sincerely thank the people of Ghana for their trust, patience, and continued support. We do not take your sacrifice for granted. Mr. Speaker, this government did not come to simply manage the decline. We came to reverse it and reset our country. The gains the gains of these first six months are just the beginning. Mr. Speaker, these early successes only encourages us to stay the focus, stay disciplined, and continue to do more for the people of Ghana. There is still a long road ahead, but 53:02 our steps are now steadier, our direction clearer, and the national spirit has been lifted with the gradual restoration of hope in our democracy. We have moved from promises to purpose, from ineptitude to action, and from distress to relief. Mr. Speaker, we have established policy credibility and restored credit worthiness. Right honorable speaker, the rest of my presentation will focus on four areas. macroeconomic performance for the first six months of 2025, the status of Ghana's debt restructuring and the status of implementation of key government pro programs. Before I conclude, macroeconomic performance, Mr. Speaker, for January to June 2025, Mr. Speaker, the first half of 2025 has demonstrated our government commitment to economic recovery. 54:02 Through prudent fiscal management, sound monetary policies, effective structural reforms, and strategic investment, we are laying a solid foundation for sustainable growth and shared prosperity. to put assessment of the economy in the first half of 2025 in a proper perspective. It will be useful to restate the ambitious yet attainable macroeconomic target we set for ourselves for the year 2025. Mr. Speaker, we set for ourselves an overall real GDP growth of at least 4%. Nono real GDP growth of at least 4.8%. Endyear inflation rate of at least 11.9%. primary balance on commitment basis at a surplus of 1.5% of GDP and gross international reserves covering not less than 3 months of import cover. Right honorable speaker, I now take you to the real sector. Mr. Speaker, despite global 55:00 economic uncertainties, Ghana's economic economy demonstrated robust growth. In the first half of 2025, the economy expanded by 5.3% up from 4.9% in the same period of 2024, marking the highest first quarter growth since 2020. The agriculture sector led this growth with rem with a remarkable 6.6% increase, about three times the growth in the first quarter of 2024. The agriculture sector growth contributed 26.4% 4% of the overall first quarter growth. The fishing sub sector grew the most at 16.4%. Mr. Speaker, the service sector constituted constituting the largest share of the economy of 46.8% 8% grew by 5.9% and contributed 47.9 to the overall first quarter growth with information and communication technology leading the growth in the sector at 13.1%. 56:06 Industry grew by 3.4% in the first quarter of 2025 contributing 20.6% to the first to the overall first quarter growth. Manufacturing also posted an impressive growth of 6.6%. Right honorable speaker, non-oil GDP growth, the real sector also picked up strongly, growing at 6.8% in the first quarter of 2025, compared to the growth rate of 4.3% in the same period in 2024. Importantly, Mr. Speaker, the non-oil GDP growth is the highest since 2018. It is expected that with the introduction of our 24-hour economic policy, the big push program and agriculture for economic transformation program, the GDP growth will be sustained and possibly exceed the target of 4% for the year 2025. Mr. Speaker, I now take you to prices. 57:02 Right honorable speaker, we pledge to pursue the following to reduce inflation. We pledge to implement aggressive fiscal consolidation drive aimed at reducing the fiscal policy, fiscal deficit and borrowing. Mr. Speaker, we pledge to stabilize the exchange rate to reduce inflation on items that rely on the exchange rate for pricing such as fuel, transportation, imported sugar, rice, and cooking oil. We pledge to implement policies that target items with large weight in the CPI basket such as transportation and utilities to reduce their prices. We also pledged to implement through the Bank of Ghana the Bank of Ghana to implement an appropriate monetary policy stance and use its liquidity management interventions to support the disinflation process. And finally, Mr. Speaker, we pledge to implement agriculture for economic transformation agenda to reduce food inflation. Mr. Speaker, it is 58:04 instructive to note that these intentional policies announced the 2025 budget to tame inflation are yielding massive results. Inflation pressures have eased significantly. The drastic fall in inflation is not by chance or sheer luck, but as a result of hard work and deliberate government policies. Mr. Mr. Speaker, consumer price inflation has reduced from 23.8% in December 2024 to 13 in June 2025. This represent a massive 10.1%.1% in December 2024 to 5.9% in June 2025, representing a steep decline of 20.2 percentage point in just six months. In just 6 months, the speaker, food inflation declined from 27.8% in December 2024 to 16.3%age percent in June 2025, represented an an 59:06 encouraging 11.5 percentage point reduction. Non-food inflation also declined from 20.3% in December 2024 to 11.4 in June 2025, representing 8.9 percentage points reduction. Inflation for locally produced goods and services declined from 26.4% in December 2024 to 14% in June 2025. Right honorable speaker, inflation for imported items decreased from 18% to in December 2024 to 12.5% in June 2025. These improvements are reflective of the effective fiscal consolidation, tight monetary policy, strong central bank reserves and the appreciation of the Ghana cities. Mr. Speaker, with this trend, we are focused and determined to achieve our end December 2025 inflation 1:00:04 target of 11.9% ahead of shadow. Mr. Speaker, let me ensure let me assure this house and the people of Ghana that things can only get better in the coming days. Mr. Speaker, I now take you to interest rates interest rate movement. Interest rates have declined reflecting improved macro conditions. Mr. Speaker, the 91day Treasury bill rate has reduced by 13 percentage points from 27.7% in December 2024 to 14.7 in June 2025. Similar trends were observed in in the 182 days and the 364 days bills. The 182day treasury bill rate decreased by 13.1 percentage point from 28.43 43 in 1:01:00 December 2024 to 15.34 in June 2025. The 364 treasury bill rate also declined by 14.19 percentage point from 29.95 in December 2025 to 15.76 in June 2025. The average lending rate decreased from 30.3% in December 2024 to 27% in June 2025. Right honorable speaker, the Ghana reference rate fell from 29.31% in December 2024 to 24.0 in June 2025. Mr. Speaker, things can only get better. Right honorable speaker, we have indeed saved 4.9 billion Ghana cities on domestic interest payment as at end June 2025 due to our prudent debt management policy. Mr. Speaker, I now take you to fiscal performance. Fiscal performance. Mr. Speaker, our 1:02:05 fiscal discipline has yielded the needed and remarkable results so far. We have delivered below target deficit on both cash and commitment basis. We have delivered a greater than anticipated primary surplus the core fiscal anchor. We have delivered a strong expenditure and committed commitment control. We have delivered robust tax revenue performance. Mr. Speaker, provisional data shows that the primary balance on commitment basis, I mean the fiscal anchor as at end June 2025 recorded a surplus of 1.1% of GDP, surpassing the target surplus of 0.4% of GDP set for the same period. The overall fiscal deficit on commitment basis was a deficit of 0.7% of GDP, better than the deficit target of 1.8% of GDP. Mr. Speaker, on cash basis, the overall 1:03:05 balance recorded a deficit of 1.1% of GDP. This is significantly better than the projected deficit target of 2.4% of GDP. The primary balance on cash basis 10 surplus at 0.7% of GDP against a projected deficit of 0.2% of GDP. The non-oil tax revenue net exceeded target by about 787 million Ghana cities. Corporate income tax exceeded target by 555.3 million representing 2.9% above target. Mineral royalties exceeded its target by 143 million. Mr. Speaker, unfortunately import duties fell short of target by 1.6 billion. expenditures were contained at 0 109.7 billion Ghana cities or 7.8% 1:04:00 of GDP. This was 14.3% below the program amount of 128 billion or 9.1% of GDP reflecting strong expenditure control. Mr. Speaker, primary expenditure on non-interest or non-interest expenditure on commitment basis amounted to 84.3 billion or 6.0% of GDP. This is an improvement of about 13.3 billion over the target of 97.5 billion which is 7% of our GDP. Mr. Speaker, interest payment amounted to 25.4 billion which is 1.8% of GDP. This is below the target of 30.5 billion which is 2.2% of GDP and this was mainly due to lower domestic interest payment. Domestic interest payment amounted to 21.6 6 billion against a target of 26.5 billion 1:05:00 representing a reduction of 4.9 billion Ghana cities mainly on account of lower than planned domestic borrowing and the decline in the T bill rates. Mr. Speaker, external interest payment amounted to 3.8 billion Ghana cities against a target of 4 billion due mainly to the appreciation of the Ghana cities. Other expenditure mainly comprising energy sector levies, transfers and energy sector payment shortfalls amounted to 11.4 billion Ghana cities or 8% of GDP. This was two 12.7% below the target of 13.1 or 0.9% of GDP for the same period. Right honorable speaker, arrest clearance amounted to 4.8 billion Ghana citizen. It is important to note that there was no buildup in arrest payable during the period under review signaling strong commitment control and fiscal discipline. Mr. Speaker, we are very different from our friends that decided to flee from the chamber. Mr. 1:06:06 The deficit was largely financed from domestic sources with net domestic financing of 13.1 billion well below the 18.7 billion target. The net financing the net foreign financing was 2.8 billion mostly from the utilization of the 4.5 billion IMF disbment. Mr. Speaker, between 1st of January to 6th of January, the IMF disbment of 4.5 billion was spent before the Mahama administration took office just in six days. Mr. Speaker, project loan disbment was 2.4 billion Ghana cities. Mr. Speaker, even though Ghana is relying on the domestic on the domestic market for financing, we have borrowed less than we planned, signifying strong expenditure control and fiscal discipline. Right honorable speaker, this is a strong signal to the investor community and all stakeholders that the needed fiscal 1:07:04 consolidation is happening here in Ghana and it will be sustained. Right honorable speaker, Ghana is back on the international scene. Mr. Mr. Speaker, exchange rate development. Right honorable speaker, government commitment to implement the following measures committed to pres to to implement the following measures to stabilize the exchange rate. The speaker, we committed to establish the Ghana gold board to enhance the generational accumulation of foreign exchange to support the stability of our currency. Mr. Speaker, we committed to pursue strong fiscal consolidation through the reduction in public sector spending and the fiscal deficit to reduce the pressures on the exchange rate. Mr. Speaker, the Bank of Ghana also committed to implement appropriate FX forward auction to support the stability of the city. And Mr. Speaker, finally, we committed that the 24-hour economy and accelerated export development program will boost local production and reduce reliance on 1:08:02 export. Right honorable speaker, let me state emphatically that these deliberate policies announced in the 2025 budget to stabilize the Ghana city are yielding massive results. The results are w the results we are witnessing are not by chance. They are the fruits of hard work, discipline and intentional policies. Mr. Speaker, the city performance in the first half of the year 2025 has been impressive. The Ghana city experienced significant appreciation against all major trading currencies in the first six months of 2025. I'm happy to inform the house that our previous city our previous record where the Ghana city used to trade against the US dollar at 17 is as at yesterday trading at 10.4. Mr. Speaker, similarly the Ghana city which was once trading at 21 cities to 1:09:00 the British pound was trading at 14.1 as at yesterday 23rd July 2025. Mr. Speaker, as at end June 2025, the city appreciated by 46 42.6% against the US dollar, 30.3% against the British pound and 25.6% 6% against the euro. This is a significant improvement over the CD depreciation of 18.6% 17.9 and 16.0% against the US dollar, British pound and the euro. Mr. Speaker, I repeat, so far we have almost reversed all the city depreciation in 2022, 2023 and 2024. This level of appreciation has never happened in the history of our country. Mr. Speaker, right honorable speaker, fellow citizens, Ghana for Ghana. 1:10:08 [Applause] Mr. Mr. Speaker, these gains are largely due to strong fiscal consolidation, tight monetary policy, improved external sector balance, renewed investor confidence, positive market sentiment, credit rating upgrades and successful successfully securing staff level agreement and subsequently the board level approval of the fourth review of the IMF program. Right honorable speaker, the city rebound signals that the Ghana that Ghana's economic foundations are once again beginning to firm up. Sustaining this stability will require continued fiscal discipline, supportive monetary policy, strong liquidity sterilization, robust reserve accumulation supported by 1:11:06 activities of the Ghana Gold Board and credible credible implementation of structural reforms. Mr. Speaker, I now take you to the external sector. Right honorable speaker, our external sector has shown remarkable improvement in the last six months. Gross international reserves reach 11.12 billion US by June 2025, covering 4.8 months of imports, up from 8.98 billion US in December 2024, equivalent to 4% 4 months of import cover. Mr. Speaker, in just 6 months, even before the IMF and World Bank disbbursement, in fact without external borrowing, we have added 2.14 billion US to the country's gross international reserves. Right honorable speaker, trade surplus increased from$ 1.37 billion US in June 2024 to 5.57 billion US in June 2024, 1:12:07 representing a hoping 306.6% 6% increase just in 6 months. Mr. Speaker, this was driven by strong export particularly in gold, cocoa, and controlled imports. Mr. Speaker, the current account surplus improved significantly to a provisional 3.44 billion by June 2025 from 28.11 billion in June 2024. Provisional net capital and financial inflows reached 937.58 million US in June 2025 indicating renewed investor confidence. Mr. Speaker, I take you to monetary and the financial sector development. Right honorable speaker, monetary indicators point to a sustained monetary expansion. Credit to the private sector increased by about 31.3% in June 2025. 1:13:05 Reserve money grow growth moderated and M2 growth remained consistent supported by increased deposit mobilization and improved net foreign asset. Net domestic asset growth slowed while That's foreign asset surged indicating a in liquidity drivers to financial sector 1:14:04 cleanup exercise. The previous NP administration left NIB in dire state with a capital adequacy ratio of a negative 53.13% by end of June 2024. Mr. Speaker, we have successfully, right honorable speaker, President Mahama and the NDC have successfully recapitalized the National Investment Bank by implementing an ambitious and credible plan to return NIB to profitability and sustainability. Mr. Speaker, we have taken the following steps. Right honorable speaker, we have injected a total cash of 450 million Ghana cities. Mr. Speaker, we also issued remarketable bonds with face value of 1.5 billion Ghana cities to the National Investment Bank. So speaker, we transferred 500 million government of Ghana shares in the Nestle Ghana Limited 1:15:02 to the National Investment Bank. Right honorable speaker, these transfers have significantly improved the capital adequacy ratio from negative 53.13% At the end of December 2024, a posit administration, we chose to spend to save a bank than spend to collapse a bank. We chose to spend to save a bank than spend to collapse a bank. Right honorable speaker, we have also prepared a forward-looking overarching restructuring plan for the National Investment Bank to put the bank on a 1:16:05 sustainable path of profitability. The plan also aims to enhance board independence and objectivity, strengthen risk management, promote accountability and transparency, prevent insider dominance, and improve strategic decision making. Mr. Speaker, this plan will among others strengthen corporate decision making. Mr. Speaker, this plan will among others strengthen corporate governance framework and systems, improve enterprise risk management and controls, establish a modern business model, revamp operational strategy, improve financial performance, institute enh institute and enhance supervisory supervisory measures and eventually we will list the NIB on the Ghana stock exchange. Right honorable speaker, NIB now has a total paid up capital of 3.4 billion Ghana cities and a capital adequacy 1:17:04 ratio of 23%. Mr. Speaker, on behalf of the president, I want to use this opportunity to assure the people of Ghana and depositors that our indigenous bank, the National Investment Bank, is now prime for business. More importantly, more importantly, Mr. Speaker, NIB is back. NIB is now liquid. NIB is now safe. NIB is fully capitalized. Mr. Speaker, we therefore encourage all and Sunundry to do business with the revitalized National Investment Bank, NIB. Mr. Speaker, I now take you to credit ratings. Credit ratings. Mr. Speaker, the progress we are making in our economic reforms and debt restructuring effort has been recognized internationally. On the 16th of June 2025, Fitch rating upgraded Ghana's 1:18:03 long-term foreign currency issuer default rating to B minus with the stable outlook from restrict restricted Fourth, the first time since 2021, continue implementation of prudent policies to promote fiscal and debt sustainability. We will continue the aggressive revenue mobilization by strengthening tax collection systems and broadening the tax base to increase domestic revenue without overburdening the citizens. The speaker will accelerate structural reforms in public financial management including transparency and accountability measures to improve efficiency and reduce 1:19:05 corruption. Mr. Speaker will strengthen monetary policy framework and the central bank will lead this to complement the effort that we are doing. Mr. Speaker, we will diversify the economy through investment in sectors beyond traditional export. to reduce the vulnerability to commodity price shocks the promoting fiscal policies and give you an update. The 1:20:02 speaker I start with VAT reforms VAT reforms. Mr. Speaker, in the 2025 budget statement, we reaffirmed our commitment to the people of Ghana and the business community to undertake comprehensive value added tax reforms this year. Reforms are aimed at addressing the distortions and cascading effect inherent 1:21:13 distortions and cascading effect inherent in the current VAT structure process to bill. Mr. Speaker, COVID levy will be abolished. The effective VAT rate will be reduced. The punitive cascading effect of the get fun and NHIS levy will be removed. VAT flat rate will be removed and a unified VAT rate will be implemented. The VAT registration threshold will be increased to exempt small and micro businesses and compliance will be improved through public education. Awareness creation and the introduction of fiscal electronic devices will be deployed. Mr. Speaker, I now take you to expenditure expenditure measures as part 1:22:06 of the fiscal. Right honorable speaker, as part of the fiscal consolidation strategy, we have taken measures to sanitize public sector payroll and rid it of ghost names. Subsequently, we engaged the Ghana audit service to undertake a nationwide payroll audit across all 16 regions of the country. Mr. Speaker, the audit service has completed 91% of the payroll audit. So far, the audit service has not been able to identify or verify over 14,000 workers. Mr. Speaker, again, they have identified 53,311 separated staff on the payroll. Mr. Speaker, separated staffs are staff who are either on retirement, reassigned, terminated, or are on leave without pay or deceased and yet remain on government payroll. 1:23:05 Mr. Speaker, the audit service expect to recover a minimum of 150.4 million of unearned salary from the separated staff over 2023 and 2024 period alone. Right honorable speaker, Going forward, we will enforce the monthly payroll validation process and strictly apply sanctions to all who validate ghosts for payment of salaries. Mr. Speaker, let me use this opportunity to strongly caution those who validate ghosts across the public across the public service that they will be personally liable for the loss of public fund. Mr. Speaker, let me repeat. Let me use this opportunity to strongly caution those who validate ghosts across the public service that they will be personally liable for the loss of public funds. Right honorable speaker, the Ministry of Finance will continue to monitor this payroll and put in place measures to prevent ghosts on the payroll going 1:24:05 forward. Mr. Speaker, I now give you an update on the arrest payable audit that we did. Mr. Speaker, in 2025, in the 2025 budget, we announced the launch of an audit of of arrest and payables as at end December 2024. The Ghana audit service partnered with EY and PWC to underate undertake this audit. Mr. Speaker, the audit service was taxed to audit and validate 68.7 billion Ghana cities. Mr. speak 68.7 billion Ghana cities. So far, Mr. Speaker, 87% of the audit has been completed. Results show so far as follows. The speaker, a total of 28.3 billion Ghana cities has been validated for payment. The speaker, 27.3 billion is pending validation as we speak. Right honorable 1:25:05 speaker, an amount of 3.6 6 billion Ghana cities has been rejected because of errors, duplication and non-compliance with PFM and procurement rules. Mr. Speaker, of this amount, 562.6 million is without adequate supporting document. Mr. Speaker, the outcome of this audit will blow your mind. Blow your mind. Mr. Speaker, the audit is expected to be completed by end of August 2025. Once finalized, we will update the house on the findings and outcomes. Mr. Speaker, I now take you to update on the IMF program. Update on the IMF program. Right honorable speaker, Ghana remains on track on the implementation of the IMF program. A staff level agreement was reached during the fourth review mission in April 2025 and we received executive board approval on the 1:26:02 7th of July 2025. This unlocked $367 million US disbment bringing the total disbment under the program to 2.3 billion US. The fit review which is scheduled for September 2025 will be based on June 2025 data. Mr. Speaker, I'm comfortable that Ghana is on course to achieve most of the targets for the fate review. Mr. Speaker, I now take you to public debt development. Public debt development. Right honorable speaker, our commitment to fiscal discipline, true uh prudent debt management and exchange rate appreciation has resulted in a significant improvement in Ghana's debt profile. Public debt reduced from 726.7 billion as at end December 2024 to 613 billion as at end June 2025. 1:27:00 Mr. Speaker, Ghana's public debt reduced by 113.7 billion Ghana cities in 6 months. Mr. Speaker, for the first time in Ghana's history, there is a negative 15.6% rate of debt accumulation. Right honorable speaker, Ghana's public debt to GDP ratio as at end June 2025 was 43.8% from the 61.8% of end December 2024. Mr. Speaker, Ghana's public debt as a percentage of GDP reduced by 18% of GDP in the last 6 months. Ghana's foreign debt as a percentage of total public debt declined from 57.4% 4% as at end December 2024 to 49% by end June 2025. Mr. Speaker, this has significantly improved Ghana's debt sustainability. 1:28:00 Mr. Speaker, I now take you to update on debt restructuring. Update on debt restructuring. Right honorable speaker, government remains committed to restructuring our bilateral and commercial debt under the G20 common framework. On the 20th on the 24th of June 2025, the house approved an indicative terms of the memorandum of understanding between Ghana and official creditors committee. On behalf of his excellency the president, I wish to thank this house for swift action which has enabled Ghana to begin negotiation for the signing of bilateral agreement with each of the creditor countries. We are ready to sign the agreement which with two countries assert tomorrow. Mr. Speaker, it is expected that four agreement will be signed by close of tomorrow. First will sign with France and the second will sign with another country yet to be confirmed. Mr. Speaker, on the commercial debt restructuring, we have signed nondisclosure agreement NDAs with 1:29:08 some commercial lenders in line with the government strong commitment to the to honoring its debt obligation. We have made two debt service payment of about 700 million US to our Euro bond holders. Mr. Speaker, on the domestic front, government continues to meet its commitment towards the domestic bond holders. For the first time, for the first half of 2025, a total of 9.8 billion Ghana cities was paid to coupons as coupons to DD bond holders of which 3.6 billion Ghana cities was capitalized. Right honorable speaker, for nonended bond holders, government paid a total of 1.1 billion Ghana cities. This was the outstanding debt service as at December as at 2024. Mr. Speaker, for the second half of 2025, an amount of 10.2 billion Ghana citizens due as coupon payment on on the 1:30:03 DD bonds and 724.1 million as debt service for the nonended bond holders. It is important to know that government remains committed to honoring its debt service obligation and therefore we have made sufficient preparation towards the settlement of this debt and bond holders should not worry this amount will be paid in due course. Mr. Speaker Priority Project under a restructured bilateral debt following Ghana's default on its external debt service obligation on the 19th December 2022. Creditors halted disbbursement of 55 bilateral project. This resulted in several uncompleted project dotted across the country with a massive three billion Ghana US dollars in undispensed loans. The IMF and official creditors committee annual disbbursement ceiling of 250 million for official creditors 1:31:01 loan implies that it would take 12 good years to fully draw down on the undispersed loans. Under the MOU with the official creditors committee, the government of Ghana was required to submit a priority list to accommodate the 250 million annual dispersement ceiling. Right honorable speaker, during the presentation of the 2025 budget and economic policy of government, I informed this house that we will engage to resolve this challenge. Following the extensive engagement, government has submitted a priority list of 24 project to the OC and the IMF. This is expected to trigger resumption of dispersement for project on the priority list upon the signing of bilateral agreement between Ghana and the creditor countries. We aim to ensure that all the priority projects are completed and commissioned by end 2028. Mr. Speaker, the priority projects are as follows. As follows, 1:32:05 we are going to build a new bridge across the VA river at Volivo. Mr. Speaker, the reconstruction of Tema AFL road project phase one. TMA motorway runabout through Ashaman runabout to Ain Puku. The construction of 14 pedestrian bridges, Kumasi roads and drainage extension. Mr. Speaker, Par Grant Interchange and and the secondary Taki township road phase one rehabitation of Domicassi roadb lam interchange phase two. Bogatanga boomer road PTC roundabout interchange project at Takra construction of drinking water facilities in Wii. Secondly, Takari water supply. Modernization of KFU ano teaching hospital. Construction of central medical stores in Tema. A eia ina 1:33:06 regional hospital in Takra. Batanga regional hospital. Establishment of the university of environmental sustainable development at Bonu. Establishment of nine state-of-the-art technical and vocational education training center. And Mr. Speaker, integrated e-learning laboratories in senior high schools. Mr. Speaker, that's not all. The expansion and development of existing senior high schools, renewable energy program, pilot photovoltaic system, Mr. Speaker, the renewable energy and energy efficiency program and the construction of Takra market. Mr. Speaker, finally the Kumasi Central Market phase two. Mr. Speaker, the main criterion for the selection of this project was closeness to completion. As a result, project which were over 70% complete were given 1:34:04 priority. The resumption of disbersment for the project and its associated debt service are fully in line with our commitment under the bilateral debt restructuring and IMF program. Right honorable speaker, there's no room for an increase in scope for any of the project on the priority list as agreed upon at the IMF and the OC. Implementing agencies must take note and comply accordingly. Mr. Speaker, I repeat, there is no room for any increase in scope for work for any of the project on the priority list agreed upon with the IMF and official creditors committee. implementing agencies must take note and comply accordingly. Mr. Speaker, it has come to the attention of the Ministry of Finance that a number of contractors implementing some of this 55 stored project have drawn down on the loans with no work done to match the amount 1:35:00 drawn down. Mr. Speaker, sadly, it has come to the attention of the Ministry of Finance that a number of contractors implementing some of these 55 projects have drawn down on the loans with no work done to match the amount drawn down. Again, some contractors have submitted additional works, additional cost in excess of what Parliament approved. The Ministry of Finance has accordingly commissioned a forensic audit into this project. Mr. Speaker will apprise the house when this audit is completed. Mr. Speaker, for emphasis, the auditor general is the one doing this forensic audit in partnership with some of the big four. Update on sinking fund. Mr. Speaker, in the 2025 budget statement, government announced that it will commence the operationalization of section 37 to 44 of the public financial management act 921 as amended to build sufficient buffers 1:36:04 in the SCM fund for prompt for prompt redemption of specified loans obligations of government. Mr. Speaker, government has set up a CD syncing fund account and US dollar syncing fund account. Beginning August 2025, the Ministry of Finance will commence the building of cash buffers to support the repayment of Ghana's domestic debt service obligation relating to the domestic debt exchange program bonds which will fall due in the year 2027, 2028 and even 2026. Mr. Speaker, the CD syncing fund will specifically target the redemption and debt service harms in 2026 of 20 billion US Ghana cities for the year 2026, 50.3 billion Ghana cities for the year 2027 and 45.75 1:37:01 billion Ghana cities for the year 2025. Similarly, the US dollar syncing fund account will also target euro bond redemption which will fall due from 2026 of$1.45 billion US 1.17 billion US in 2027 and 1.14 billion US in the year 2028. Mr. Speaker, the implementation of the sinking fund will provide a reliable buffers that ensures timely and predictable redemption of designated public debt obligation. This structured approach to debt service will enhance investor confidence and contribute to long-term debt sustainability of our dear country. Mr. Speaker, I now take you to government of Ghana's liability management operations. Mr. Speaker, government has begun an implementation of an effective and efficient liability management program to reduce embedded risk on debt portfolio. Our liability management 1:38:05 operation will one reduce the service costs and mitigate refinancing or roll over risk. Extend maturity maturities to alleviate near-term financing pressures. Mr. Speaker, to optimize the debt portfolio by rebalancing the mix of short-term versus long-term instrument and strengthen market confidence under our liability management operations. Mr. Speaker, we will analyze the domestic bond market to assess suitability for bonds buybacks. We will carefully sequence issuance of benchmark securities and prioritize longerdated tener to establish a stable yield curve. Mr. Speaker, I take you to primary dealers and bond market specialist system as we inherit it. Mr. Speaker, our debt management strategy is to use treasury bills for cash management purposes only. We intend to reopen the 1:39:04 domestic bond market to finance the budget deficit. The reopening of the domestic bond market will aim at creating a more competitive primary market that can deliver the volume and pricing to enable the government lower its borrowing costs. Mr. Speaker, beginning August 2025, we will commence the selection of new book runners to assist government in the reopening of the domestic bond market. Mr. Speaker, for emphasis, beginning 2025 August, the government of Ghana will commence the selection of new book runners to assist government in the reopening of the domestic bond market. Mr. Speaker, the selection of book runners will focus on banks and investment dealers with the ability to achieve a wider market distribution and advice on pricing and structuring. Mr. Speaker, I now take you to revise 1:40:03 macroeconomic framework. Mr. Speaker, macroeconomic target economic development in the first half of the year do not warrant a revision to the macroeconomic target and the appropriations bill. The speaker, I am not asking for additional money from the appropriations act. [Applause] We maintain the following macroeconomic target for 2025. One, overall GDP growth at at least 4.0%. At least non- oil GDP growth of at least 4.8%. Endyear inflation rate of 11.9%. primary balance on commitment basis at a surplus of 1.5% of GDP and gross international reserves covering not less than 3 months of import. Mr. Speaker, 1:41:00 although we have made significant progress, we are cautiously optimistic. Right honorable speaker, despite maintaining our macroeconomic target for 2025, including the primary balance on commitment basis of a surplus of 1.5% of GDP, we are revising both revenue and expenditure projections to reflect the impact of the additional revenue from the energy sector levies amendment bill 20 amendment act 2025 act 1141. Revisions to revenue. Revisions to revenue. Right honorable speaker, as a result, total revenue and grant has been revised upwards from the 2025 budget target of 227.1 billion to 229.9 billion or from 16.2% of GDP to 16.4% of GDP. This represent a nominal increase of 1.3%. Mr. Speaker, the additional revenue of 1:42:04 2.9 billion Ghana cities will come from the increase in revenues from the amendment to the energy sector levies act. Mr. Speaker, I now take you to revisions to expenditures. Revisions to expenditures. Mr. Speaker, total expenditures expenditure on commitment basis has been revised downwards from 269.5 billion from the original budget projection of 270.9 billion Ghana cities. However, primary expenditures has been revised upwards to 209.6 billion from the original budget projection of 206.8 8 billion Ghana cities. This upward adjustment reflect an increase in the allocation to support energy sector payment. Mr. Speaker, interest payment 1:43:01 have been revised downwards by 4.3 billion Ghana cities from the original budget projection of 64.1 billion to 59.9 billion cities. Right honorable speaker, domestic interest has been revised downwards by 5.1 billion Ghana cities mainly on account of gains from the reduction in the treasury bill rates as a result of the implementation of our prudent debt management policies. However, external interest payment have been revised upwards by 795 million to make additional provision for debt service due on post cutoff date disbersment made by our bilateral creditors since 2023. Mr. Speaker, energy sector payment have also been revised upwards by 2.9 billion Ghana cities to provision for fuel to p to provision for fuel fuel purchases for 1:44:01 power generations. Mr. Speaker, I now take you to overall balance and financing. Right honorable speaker, notwithstanding the revisions to revenue and expenditure, the primary balance on commitment basis remains unchanged at a surplus of 1.5% of GDP. Based on the revisions to revenue and expenditure, the following fiscal balance on cash basis improves from a deficit of 4.1% of GDP to 3.8% of GDP. I mean the fiscal balance the overall fiscal balance on commitment basis improves from a deficit of 3.1% to 2.8%. And the projected annual borrowing needs of government reduced by 4.3 billion Ghana cities. Simple put we will borrow we will be borrowing less by 4.3 billion Ghana cities. Mr. Speaker, risk to 2025 budget, risk to the 2025 fiscal 1:45:03 framework. Mr. Speaker, despite the robust fiscal performance, there are some underlining risk which pose a threat to the 2025 fiscal framework. The risk are as follows. Shortfalls in customs revenue, smuggling of marine gas oil, mounting wage pressures, and pricing and award of contract in foreign currency. The speaker, I'll take them one by one. Customs revenue. Right honorable speaker, customs revenue recorded a significant shortfall of 1.6 billion even though the overall revenue is doing well, representing 12.7% reduction from the first half of 2025. This performance is attributed to systemic revenue leakage at key customs collection point particularly the terap port and the smuggling of goods across our land bodies. Mr. Speaker, this development pose risk to the attainment 1:46:02 of our revenue target for the year 2025. To m to mitigate these risk, government is implementing the following measures to address the existing operational challenges to safeguard to safeguard revenue. One, we will adopt the use of artificial intelligence AI to minimize human interference in revenue assessment supporting the validation of the country of origin as well as the accuracy of classification and valuation of imported goods. Mr. Speaker, we are rolling out advanced cargo information system to ensure that the Ghana port and harbor authority GPH 1:47:02 and the Ghana Revenue Authority, the VR receives comprehensive shipment detail at least 24 hours prior to vessel departure from the port of origin. The speaker, this will enable pre-arrival risk assessment, reduce the need for documentation amendment and facilitate more accurate and timely duty assessment. We will also be implementing a robust anti-mogling surveillance program targeting both inland and maritime bodies and to those sankas we are coming after you Mr. Speaker Mr. 1:49:25 of education, health and the security sector. In addition, ad hoc reviews of conditions of service undertaken in previous years have distorted the single spine pay policy and further burdened the public wage. Mr. Speaker, the government is implementing the following measures to address this challenge. number to sanitize the payroll. Mr. Speaker, we'll be realigning all staff from over staff areas and defunct MDAs. 1:52:20 Get 1:53:02 licensing regime that governs the local gold trading sector and introduce new aggregation system to effectively mop up gold from artisal small-cale mining sector across the country. These measure these measures have already yielded tangible economic benefits within the short period of operation of the Ghana gold board. In the first half of 2025 alone, gold export from the smallcale sector stood at 51.5 tons with an export value of approximately 5 billion US. This figure far exceeds the 26.4 four tons which are which are with an export value of 1.8 billion US from the small scale mining sector over the same period in 2024. Mr. Speaker, simple put gold export in tons from the small scale mining sector for the first half of 2025 recorded about 100% increase over what 1:54:03 was recorded in the year 2025 2024. Similarly, the value of gold export from small-cale mining increased by about 180% for the first half of 2025 over that of the same period in 2024. Mr. Speaker, for the first time in Ghana's history, gold export from small-cale mining sector have exceeded gold export from large scale sector. Mr. Speaker, the substantial foreign exchange inflows from the gold board operations in the artisal small-cale mining sector have significantly strengthened our reserves, improved our balance of payment and provided critical support for the Ghana city. Mr. Speaker, this tells a story. A story of a country which has been denied the full benefit of its gold resources. A story of a country where illegal gold trade and 1:55:00 smuggling have been allowed to fester to the detriment of the well-being of the people. Right honorable speaker, on the 8th of July 2025, his excellency President John Mahama inaugurated a task force to tackle illegal gold trade and smuggling. I also want to use this opportunity as a sector minister to reiterate that the government of President Mahama would deal ruthlessly with anyone found engaging in illegal trade and smuggling at this as this nation wrecking activities sabotage the progress of our country. Mr. Speaker, I also want to reiterate the point that no one should come to us and beg because we will not spare. Mr. Speaker, the 24-hour economy and accelerated export development program deserves some update. Mr. Speaker, earlier this month, President Mahama officially launched the 24-hour economy and accelerated export development program, Ghana's ambitious and integrated strategy to boost production, 1:56:01 create sustainable jobs, and modernize our economy. The 24-hour economy and accelerated export development program pres represent a national reset aimed at reducing import dependence, expanding domestic production, improving market access, and building a competitive skilled workforce for a dynamic economy. Right honorable speaker, the anchor of the 24-hour economy and accelerated export development program is the VA economic corridor, a transformational project to unlock the vast economic and environmental potential of the VA lake and its surrounding lands. Mr. Speaker, the VA economic quarter revives and expands on Dr.Wam's Tawwam's original vision of the VA project as a hub for agro industry, trade and transport now re-imagined to fit today's economic reality and regional opportunities. Mr. Speaker, corridor will be executed through the 1:57:03 following pillars of the 24-hour economy and accelerated export development program. Right honorable speaker, Grow 24 will irrigate 2 million hectares of farmlands for year round farming instead of trai the traditional seasonal farming. Right honorable speaker make 24 will establish agro industrial parks for texiles, pharmaceuticals and food processing. Mr. Speaker, show 24 would develop tourism clusters and hospitality hubs along the VA lake and connect 24 will turn the lake into a major inland transport route cutting holage cost and linking northern, southern, eastern and western Ghana. Mr. Speaker, to support this transform transformative program, the Ministry of Finance will in the 2026 budget outline targeted incentives for the VA economic corridor. These measures will be carefully designed to attract private capital, drive enterprise growth, and 1:58:06 create decent well-paying jobs. The speaker, for emphasis, the Ministry of Finance will, as part of the 2026 budget, outline a targeted incentive of President John Dramani Mahama for massive infrastructure development. Since then, the president has dedicated all big push budgetary allocation for the next two years. Mr. Speaker, and I mean all big push allocation for the next two years to improve road infrastructure. Mr. Speaker, Mr. Speaker, you may recall that Parliament approved that all oil revenue and mineral royalties acred to 1:59:02 the budget were dedicated to the big push. As a result, the amount an amount of 13.8 billion Ghana cities was allocated in the 2025 budget for the big push program to be used for road infrastructure. Mr. Speaker, the Minister for Roads and Highways has spent the last 6 months of his time in office touring the whole country to assess firsthand the state of our roads. The speaker, the Ministry of Roads and Highways has undertaken studies and prepared comprehensive engineering interventions and cost estimate for roads project across the program across the country for the big push program. Right honorable speaker, the Ministry of Finance has since issued commencement authorization for the following road infrastructure project under the big push program. Mr. Speaker, these are the following big push project as approved by the Ministry of Finance. 2:00:04 Mr. Speaker, number one, the construction of a new bridge on the Oti River at Dumbai. [Applause] Number two, rehabitation of Wan Road. Three, upgrading of Tumu Hame Road. Four, Tumu, upgrade upgrading of Tumu Han Laura Road. Five, reconstruction of Navango Tumu Road. Six, rehabitation of Timan in Konia Wii road. Seven, rehabitation of Wii Solar Road. Seven, eight, Mr. Speaker, construction of Suni Outer Ring Road. Mr. Speaker, the construction of Kumasi Outer Ring Road, Eastern Quadrant. Mr. Speaker, the rehabitation of Pintry Napanduri Road. Mr. Speaker, the 2:01:05 rehabitation of Dodo Pepo in Quanta Road. Rehabitation of Atimoku Isukuma Junction Road. Rehabilitation of Isukuma Junction to Inawasi Road. Right honorable speaker in Titano Road. Mr. Speaker, we'll be upgrading the Akos Jakiti Kuriop Road. Mr. Speaker, we'll be upgrading a Sukuma to Enumbus to Parliament Road. Mr. Speaker Adom bridge to Akumu road. We'll be upgrading whole to PTOY road. The speaker rehabilitation of PTO to Afia road. Mr. Mr. Speaker, we'll be rehabitating Pi to Aflaw road. We will be dwelling Winna to Manasim road. We'll be dwelling Cape Coast to Takradi road. 2:02:05 We'll be rehabilitating Manasim Edum to Auna Suedro Road. Mr. Speaker, we'll be rehabitating Tema to AFlaw Road. Construction of Doda to Aena Dwa Road. Right honorable speaker, we will be upgrading the Oibi to Apollonia Aphenia Road. Right honorable speaker, we'll be constructing the enti to Elubo road. We'll also be constructing the Dadso to Auntra Road. We'll be upgrading the Adri Fua to O Kochrome Road. And we will be upgrading the Eni to Kjoru Peni road. And finally, Mr. Speaker, we'll be upgrading the Bedia junction cam 15 to SEI Adobe Road. Mr. Speaker, as part of the big push program, we have also selected the following abandoned road project for which no dedicated funding was allocated for by the previous administration to be included into the big bush program. Mr. Speaker, the project are as follows. Upgrading of Kasawa to wida road. 2:03:20 Rehabitation of to insaw road dual carriage. Right honorable speaker dwellization of Takra to Auna junction road. So speaker the construction of Swami interchange and local roads. Mr. Speaker, we'll also be constructing the national route 18 from W to Han Road and we'll be upgrading the Tumu to Chuchila to Navongo, including the construction of 36 m span reinforced concrete over the Keny River and 24 m span reinforced concrete over the Bichunu River. Right honorable speaker, we will be reconstructing the Navongo to 2:04:04 Sandama road. Mr. Speaker, we will be rehabilitating the Taosu road, rehabitating the Hoy to Jacan road and we will be rehabitating in toi Damango road. We'll be reconstructing the Hav to Hoy road and we will dwellize the Adenta Dodoa road and Mr. Speaker to conclude we will reconstruct the Ginigen to Sampa road. Right honorable speaker in line with section 33 of the public financial management act and as part of this media fiscal review of the 2025 budget statement and economic policy. I am seeking approval for this multi-year commitment. Mr. Speaker, government has also initiated comprehensive physibility studies for four projects which are 2:05:00 currently at various stages of preparation ensuring detailed assessment of their technical, economic, environmental viability. Mr. Speaker, the project are as follows. Project number one, Acra Kumasi Expressway on a completely new alignment. Mr. Speaker, Acra outer ring road, Kumasi outer ring road and adorso ai amo bridge to connect the Afrince area. Mr. Speaker, I now take you to reorganization of the Ghana road fund. Right honorable speaker, this is not all. The government of President John Mahama has also taken a decision to remodel the Ghana road fund and refocus it towards road maintenance. As part of this media review and on behalf of the government, the Minister for Roads and Highways will be laying before this house a new road maintenance trust fund bill. When approved, the road 2:06:04 maintenance trust fund bill will replace the Ghana road fund. Mr. Speaker, the road maintenance trust fund will among others provide for a new governance architecture, provide a formula for a fairer allocation of resources and introduce more transparency in the utilization of road fund levy and others. Mr. Speaker, government has identified 166 constituencies in dire need of road infrastructure. By honorable speaker, the government has identified 166 constituencies in dire need of road infrastructure. In response, we have programmed to rehabitate 10 kilometers of roads annually in each of these three uh these 166 constituencies across the country. Mr. Speaker, Mr. speaker. 2:07:02 Who's that speaker? [Applause] [Music] Right honorable speaker, the President Mahhamadama administration has identified 166 constituencies in d need of body. In response, we have programmed to rehabitate 10 kilometers of roads annually in each of these constituencies. 2:08:06 Mr. Speaker, Mr. Speaker, this translates to about 5,000 kilometers of road to be constructed in these 166 constituencies in d need of road infrastructure over the next 3 years. So speaker, simply put, over the next 3 years, we'll be building 5,000 kilometers of road in these 166 constituencies. [Applause] Mr. Speaker, I am pleased to inform this house that we have paid all nursing and teacher training allowances from January to June 2025. Right, honorable speaker, from the end of this month, I mean July 2025, all nursing and teacher trainees will receive their allowances promptly at the end of every single month. 2:09:06 Mr. Speaker, I'll now move to the conclusion. I'll now move to the conclusion. Mr. Speaker, [Applause] Heat. Heat. [Applause] [Applause] [Applause] Mr. Speaker, right honorable speaker, honorable, I conclude this media fiscal policy 2:10:00 review. We have other business. It's not only this one, please. [Applause] Right honorable speaker, I conclude this media fiscal review with renewed hope and optimism. The last six months have revealed our enduring spirit, what we can collectively achieve and our potential to rise from the blink. Upon assumption of office in January this year, we were handed an economy in deep distress, a country with dispirited citizens. Trust and faith in our leaders were at all time low. The fundamentals were not only weak but broken, Mr. Speaker, and the misery and 2:11:02 suffering were palpable. Mr. Speaker, in just 6 months, in fact under 200 days, under the decisive leadership of President John Muhammad, we have begun to change the story. Mr. Speaker, President Muhammad's economic management model is working. The turnaround is in sight. Mr. Speaker, the signs of economic progress are visible and measurable. Mr. Speaker, first quarter economic growth is at 5-year high. Our GDP, our debt to GDP ratio is at a 5-year low. Mr. Speaker, inflation has declined to a 4-year low. Right honorable speaker, our credit rating has improved from junk to B minus with stable out outlook, a two-n upgrade, and a 4-year high. Right honorable speaker, we have almost reversed all the city depreciations in the years 2022, 2:12:03 2023 and 2024 with no city appreciation depreciation in the year 2025. Mr. Speaker, the level of the appreciation of the Ghana city has never happened in the history of our nation. Prices of petrol and diesel at the pump have reduced significantly to the benefit of consumers and the price of sugar, rice, and cooking oil at a 4year low. 4 year low. Mr. Speaker, the price of 25 kg kilograms of kilogram bag of royal aroma rice which used to be sold at 650 Ghana cities in January. is now being sold for 356 Ghana cities. Mr. Speaker, the price of Alona of sugar which used to be sold for 50 Ghana 50 Ghana cities in January is now being sold for 44 Ghana cities. Right honorable speaker, price of 25 2:13:03 liter of cooking oil which used to be sold for 980 Ghana cities in January is now being sold for 640 Ghana cities. Mr. Speaker price of conconte price of conconte one sack price of conconte one sack which used to be sold for,200 Ghana cities in January is now being sold for 950 Ghana cities. Mr. Speaker, a crown of iron rods which used to be sold at 9,400 Ghana cities in January is now being sold at 7,500 Ghana cities. Mr. Speaker, onions. Onions. One paint bucket which used to be sold at 120 Ghana cities in January is now being sold for 95 Ghana cities. Right honorable speaker pop cement which used to be sold for 115 Ghana cities in 2:14:01 January is now being sold for 90 Ghana cities. The speaker maze a bro maze one sack. One sac which used to be sold for,600 Ghana cities in January is now being sold for,450. And Mr. Speaker, the minister for agriculture has promised that it will go down even more. Mr. Speaker, the price of Yas sanitary path which was 25 Ghana cities in January is now going for 15 Ghana cities. 15 Ghana cities. Mr. Speaker AB palm fruit palm fruit one which used to be sold for 40 Ghana cities is now being sold for 25 Ghana cities. Mr. Speaker, this is the reset President Mahama promised. This is the reset President Mama promised. It has been six months of hard work. We have lessened the burden on households and businesses. Mr. Speaker, contrary to the perception 2:15:06 that we are not spending, we are indeed spending and spending at the right places. We are making the right investment in the lives of the people of Ghana. Mr. Speaker, as we speak, an amount of 700 million US dollars of euro bond obligations has been paid. An amount of 10 billion to domestic bond holders has been paid. Mr. Speaker, an amount of 2.9 billion Ghana cities to the district assembly's common fund has been paid. Mr. Speaker, an amount of 2.7 billion Ghana cities to the Social Security and National Insurance Trust has been paid. Mr. Speaker, an amount of 9.1 billion Ghana cities to the energy sector for stable power supply has been paid. Mr. Speaker, an amount of 5 billion Ghana cities of arrest has been paid. Right honorable speaker, an amount of 4.6 2:16:05 billion to the Ghana education trust fund has been paid. Mr. Speaker, an amount of 1 billion Ghana cities to the free secondary education program has been paid. Mr. Speaker, an amount of 4.6 billion Ghana cities to the national health insurance scheme has been paid. Right honorable speaker, an amount of 1.4 4 billion for the national health insurance claims has been paid. Mr. Speaker, an amount of 252 million for vaccines and essential medicine has been paid. Mr. Speaker, an amount of 72.8 million Ghana cities as capitation grant has been paid. Mr. Speaker, an amount of 895 million to the school feeding program has been paid. Right honorable speaker, an amount of 40 47 477 million to the LEP beneficiaries has been paid. Mr. Speaker, an amount of 122.8 million 2:17:03 for BEC registration has been paid. Mr. Speaker, an amount of 300 million to the no fee stress policy has been paid. Right honorable speaker, an amount of 191.7 million Ghana cities as teacher training allowances has been paid. Mr. Speaker, again, an amount of 462.6 million as nursing training allowances has been paid. Mr. Speaker, an amount of 25 million as assembly members allowance has been paid. Mr. Speaker, an amount of 21 million Ghana cities for national apprenticeship program has been paid. Right honorable speaker, an amount of 34.5 million to the Jumaware program has been paid. Mr. Speaker, an amount of 2 billion Ghana cities as goods and service to run effective and efficient government ministries, department and agencies has been paid. And Mr. Speaker, as we speak, an amount of 2 billion 2:18:03 Ghana cities to save the National Investment Bank has been paid. Right honorable speaker, non-interest expenditure, non-interest expenditure of 84.2 billion Ghana cities has been paid. So far, Mr. Speaker, so far, Mr. Speaker, from January to June, total cash of 1114.5 billion has been paid from the consolidated fund. [Applause] Mr. Speaker, Mr. Speaker, Mr. Speaker, Mr. Speaker, we are spending and spending at the right places. [Applause] Right honorable speaker, we are spending at the right places. 2:19:04 We are touching lives and we are changing our country. Mr. Speaker, this is not all. We have also worked to improve the fiscal situation. We have restored fiscal discipline. We have implemented appropriate policies to reduce interest rates significantly, thereby reducing the cost of borrowing. Mr. Speaker, we have saved on domestic interest payment following the implementation of our prudent debt management policies. Mr. Speaker, there is still more work to be done. President Mahama is determined to deliver. Inshallah, his excellency John Mahama will deliver. Right honorable speaker, we are not out of the woods yet. It will be premature to 2:20:15 that pronouncement. Mr. Speaker, I we are not out of the W. It will be premature to make John Mahama will work for you. The NDC will work for you. The gains we have made so far will work for you. The gains we have made so far are the results of your sacrifice, your patience, our belief and our belief that change was not only necessary but crucial. Mr. Speaker, this media review is not just a technical report. It is the story of the Ghanaian people. A story of a nation that refused to give up. A story that echoes Nelson Mandela. 2:21:01 It is always it's it always seems impossible until it is done. Mr. Story, Mr. Speaker, this is a story that echoes Nelson Mandela's quote that it always seems impossible until it is done. Mr. Speaker, even as we look back at how far we have come, we are also looking ahead. This is the essence of John Muhammad's leadership. He's focused and he will deliver. President Mama is honoring his promise to the Ghanaian people. The second half of 2025 promises to be even better. We expect inflation to continue its downward trend and reach our 2025 target ahead of Shadow. We will we will sustain the stability of the city through disciplined spending, targeted investment and continued reserve accumulation. growth will growth will be further boosted by strategic initiative including the 24-hour economy program, the big push infrastructure program and the revitalization of agriculture 2:22:06 through the agriculture for economic transformation program. Mr. Speaker, you may recall that during my vetting when asked what I would like to be remembered as a minister, Mr. Speaker, I stated that I would like to be remembered for stabilizing the exchange rate, ensuring low prices and creating jobs. Right honorable speaker, ahead of the presentation of the 2025 budget, my engagement with the traders at the Moa market revealed that prices and exchange rate stability were the overriding concerns of the business community. Mr. Speaker, I wish to take this opportunity to thank our cherish traders at Moa for 2:23:06 a for their valuable insight. Mr. Mr. Speaker, the update on the city and the prices as said earlier challenges But so did the people of Ghana. Mr. Speaker, it is now time for prices to come down to reflect the new realities for the benefit of all Ghanaians and not only for the traders. Mr. Speaker, as we look forward, more jobs will be created, confidence will be deepened, and the Ghanaian economy will stand tall again, not just in the sub region, but on the global stage. But to 2:24:02 do this, Mr. Speaker, we must stay united as a people and estue divisiveness. We must continue to have faith in our country Ghana. Mr. Speaker, most importantly, we must have faith in our currency, the Ghana city. For 60 years through cycles of inflation, devaluation, redenomination, and recovery, the city has remained the symbol of our sovereignty. It has endured. It has evolved. and it remains the only legal tender of our republic. Let us protect it. Let us trade with our currency, the Ghana city. Let us talk about it with pride, not as a burden, but as a badge of economic independence. Mr. Speaker, I believe in the city. Fellow countrymen and women, I believe in the city. You also have to believe in the city. Mr. Speaker, let to all of us who are who have the privilege to serve in the leadership of our nation, let us unite and do this for ourselves, for our 2:25:06 children, and for our children's children. It is our collective responsibility to reset our country. Ghana needs us more than ever. Our people needs us. Mr. Speaker, I cannot conclude this address without expressing deep gratitude to his excellency President John Dramani Mama whose unwavering dedication and vision continue to anchor this national reset. The speaker on a personal level I thank his excellency the president without him this work couldn't have been achieved. Mr. Speaker, he is indeed the anchor towards our economic reset. Right honorable speaker and to you father Mr. Speaker father Mr. Speaker Alban Sumana Kinsford Bagman our father and members of parliament and the parliamentary service I'm extremely grateful Mr. Speaker indeed papaba Mr. 2:26:07 Speaker Aban Papaba. No wonder my brotherw and his team had to flee the chamber. I salute the speaker. I thank him. Our economy [Music] our economy [Music] our economy Honorable [Applause] members 2:27:10 is falling. [Applause] Honorable members. Honorable members, in line with the practice and convention of the house, [Music] I refer 2:28:01 a media fiscal policy view of the budget statement and economic policy of the government of Ghana for the 2025 financial year to the budget committee to be assisted by the leadership of the committee on finance for deliberation and report to the House. When it comes to the house, we will hear from the chairman of the committee after it has gone through the report as to whether they second the motion that has been moved or not. If they do so, then it will be opened for debate. This is a motion. It's not a statement and so members will have the opportunity 2:29:05 to debate the media fiscal policy review of the budget statement and economic policy of the government of Ghana. So I intend to permit the minister to lay some of the instruments that are clearly consequent on the media fiscal policy just presented to us. And so if you look at your order paper addendum you will see we have captured presentation of instruments and also the presentation and first reading of one bill. So I intend to give him the opportunity to do so now and then we can make the references to 2:30:03 the appropriate committees so that all these committees can work together and then report to the house for us to have a comprehensive report on what we just heard from the minister of finance.

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