Majority Leader and Leader of Government Business, Mahama Ayariga, has assured Ghanaians that Parliament under the current administration will not shirk its responsibility to hold the Finance Minister and government officials accountable in the management of public finances.
Contributing to a debate on the floor of Parliament on the 2024 Public Debt Management Report, the Bawku Central MP emphasized that effective parliamentary oversight remains the surest way of safeguarding the public purse and preventing the recurrence of the debt challenges that plunged the country into economic distress in recent years.
He urged Members of Parliament on both sides of the House to scrutinize loan agreements, budget deficits and borrowing decisions without fear or political considerations, insisting that Parliament must act as the first line of defence against fiscal recklessness.
“Every external debt comes to Parliament for approval, but we have often been reluctant to reject loan agreements even when it is obvious they do not serve the national interest,” he observed.
According to Mr. Ayariga, Parliament’s failure in the past to rigorously interrogate borrowing decisions contributed significantly to Ghana’s debt crisis, adding that lawmakers must ensure that every loan contracted by government delivers value for money.
He disclosed that the current administration had rejected several proposed loans after detailed analysis revealed that only a fraction of the borrowed funds would have gone into the intended projects, while substantial portions were earmarked for vehicles, consultancy fees and other expenditures unrelated to the core objectives of the loans.
“We need to sit up and make sure that any loan brought before us provides actual value for money. Parliament must not condone borrowing that burdens the country without delivering meaningful benefits to the people,” he said.
The Majority Leader challenged the Minority Caucus to remain vigilant and assist government in enforcing accountability, assuring them that the National Democratic Congress (NDC) administration was open to scrutiny and constructive criticism.
“If anything escapes our attention, we expect the Minority to point it out. We will stand with them when they are right because we want this country to be properly governed and managed,” he stated.
Mr. Ayariga referenced the events of 2022 when 88 Members of Parliament from the then governing New Patriotic Party (NPP) publicly called for the removal of former Finance Minister Ken Ofori-Atta over concerns about the management of the economy.
He argued that those lawmakers had correctly identified signs of economic mismanagement but were ignored by the leadership of the day.
“If they had listened to those MPs, this country would not have found itself in the situation it did. They raised the alarm, they warned that the economy was being mismanaged, and today the facts have vindicated them,” he said.
The Majority Leader commended the former Majority MPs who risked political consequences by speaking out, noting that some were allegedly targeted and eventually lost their parliamentary primaries.
He maintained that the current government would not repeat the mistakes of the past, stressing that accountability mechanisms have been strengthened to prevent unchecked spending and the accumulation of unsustainable debt.
Mr. Ayariga revealed that under the new fiscal controls, no ministry can initiate procurement processes without prior commitment authorisation from the Ministry of Finance, ensuring that projects are backed by approved budgetary allocations before contracts are awarded.
He explained that the measure was designed to prevent the creation of unbudgeted liabilities that often compel governments to resort to borrowing.
The Majority Leader further linked prudent debt management to economic growth and job creation, arguing that a country burdened by excessive debt and poor credit ratings would struggle to attract investment and create employment opportunities.
He expressed confidence that the 2025 Public Debt Management Report would demonstrate a clear departure from past practices and reflect what he described as a more disciplined approach to managing the nation’s finances.
Concluding his remarks, Mr. Ayariga reiterated that Parliament must remain steadfast in scrutinising loan agreements, borrowing limits and fiscal deficits, warning that failure to do so would ultimately impose a heavy burden on ordinary Ghanaians.
“The people who vote for us pay the price when governments mismanage the economy. That is why we are committed to ensuring that public debt is managed responsibly and transparently,” he stated.
By: Christian Kpesese
