Dr. Gideon Boako, Member of Parliament for the Tano Constituency, has challenged President John Dramani Mahama to provide concrete proof that only $64,000 was left in Ghana’s Sinking Fund.

President Mahama, during his first State of the Nation Address (SONA) on Thursday, February 27, 2025, claimed that the fund had just $64,000 and GHS143,000, contradicting the previous New Patriotic Party (NPP) government’s assertion that substantial reserves were available for debt repayment.

Reacting in a Facebook post, Dr. Boako dismissed the president’s claims as misleading, arguing that the figures presented did not reflect the actual balances as of January 6, 2025, when the NPP left office.

According to him, the Mahama administration had selectively referenced the Sinking Fund’s balance from August 2024—the last time the NPP government made payments to domestic bondholders—rather than acknowledging the amounts accumulated between then and January 2025.

“Nothing stops the government from publishing evidence of the balances in the Sinking Fund accounts,” he stated, accusing the Mahama administration of “peddling falsehoods.”

Dr. Boako reiterated his earlier challenge, initially issued on February 19, for the government to release accurate financial records. He asserted that by January 3, 2025, there was an auction surplus of over GHS700 million in the fund, along with an additional GHS3 billion in year-end revenue left as a financial buffer.

He maintained that these figures provided enough financial backing, and the president’s claims of an empty Sinking Fund were deliberately misleading.

Dr. Boako urged the Mahama government to uphold transparency and back its claims with verifiable data rather than engaging in what he termed “petty lies.”