Ghana’s fiscal space can’t cover political party promises — Theo Acheampong
A Political and Economic Risk Analyst, Dr. Theo Acheampong warns that Ghana’s fiscal capacity is insufficient to support the promises made by the country’s major political parties.
“You realise that these manifesto promises would have a big impact on the fiscal space, and there is actually no money lying around to fund some of their promises without borrowing from the international capital market,” he stated.
Dr Theo Acheampong highlighted that, compared to the 2020 elections, the major political parties have increased their promises significantly, with the National Democratic Congress (NDC) making 620 pledges and the New Patriotic Party (NPP) 380.
He criticized the manifestos of both parties for lacking the necessary policies to drive growth and economic transformation.
Dr. Acheampong pointed out that the National Democratic Congress (NDC) has pledged free primary healthcare, a commitment that would require $1.7 billion annually and a total of $7 billion over four years.
He cautioned that such substantial promises could end up burdening Ghanaians, potentially forcing future governments to either increase taxes or take on more debt to meet these commitments.
Dr. Acheampong stressed the need for manifestos to include clear benchmarks and specific sectoral outcomes to allow for proper assessment.
He advised political parties to carefully consider the financial implications of their proposed policies and to outline how they plan to fund and implement these measures.
This approach would ensure that promises are not only ambitious but also realistic and sustainable.
He criticized the two major political parties for failing to address the fiscal implications of their proposed policies.
He emphasized that political parties should provide voters with detailed information on the cost of their promises and outline clear plans for how they intend to fund them.
“This transparency is crucial for voters to make informed decisions and for ensuring that promises are financially viable”, Dr Acheampong stressed.