Ofoase Ayirebi MP, Kojo Oppong-Nkrumah, has warned the Finance Minister against including unverified debts in the national budget, cautioning that it could open the door for fraudulent claims against the government.

In an interview with the media on Monday, March 10, he emphasized that adding questionable liabilities would not only misrepresent Ghana’s fiscal position but also create opportunities for the misuse of public funds.

“We advise him, stay true to the economic record. Don’t admit phantom debts and phantom figures that people bring to try and bloat the books,” he stated.

Kojo Oppong Nkrumah cited to a case from 2009 during the NDC administration when a new budget category was introduced for legal compensations.

He noted that this measure was misused by certain individuals, resulting in a widely criticized financial scandal.

“The last time they did that, if you recall, in 2009, when they admitted phantom debts and created cost centers for it, it became an avenue for people to put things there and collect money. That’s what the Supreme Court described as create, loot, and share,” he recalled.

The former Akufo-Addo administration’s Minister for Works and Housing and Information has advised the government to be cautious in recognizing liabilities, warning that endorsing unverified debts could result in unjustified payouts to individuals or organizations without legitimate claims.

He emphasized the need to prevent fraudulent financial claims, stating that incorporating suspicious debts would create loopholes for exploitation by entities not genuinely owed by the state.

Beyond the potential financial risks, Kojo Oppong Nkrumah cautioned that inflating Ghana’s debt figures could distort the country’s economic outlook and send unfavorable signals to investors.

“It is important to avoid admitting dubious or doubtful debts, as this will be exploited by persons who the state doesn’t owe,” he emphasized.

He urged the Finance Minister to ensure transparency and accuracy in financial disclosures, stressing the importance of maintaining credibility in economic reporting to prevent unnecessary panic in financial markets.

“He should keep fidelity with the economic records of the country and avoid spooking the markets with lamentations,” he advised.

His comments come amid ongoing discussions on Ghana’s economic trajectory, particularly rising debt levels and fiscal challenges.

Meanwhile, Finance Minister Cassiel Ato Forson is set to present the 2025 Budget and Economic Policy to Parliament tomorrow.