Kojo Oppong Nkrumah labels President Mahama's New Economy policy a scam

The Minority in Parliament, led by Kojo Oppong Nkrumah, has intensified its criticism of President John Mahama’s proposed "New Economy" policy, dismissing it as a mere rebranding of the existing 24-Hour Economy initiative. Ahead of the 2027 Budget presentation scheduled for November 12, the opposition New Patriotic Party (NPP) is demanding a full accounting of current economic programmes before new ones are introduced. The Minority argues that the government has failed to provide concrete evidence of the effectiveness of its prior commitments, particularly regarding job creation and the fiscal impact of tax rebates promised under the 24-Hour Economy.

Dr. Mohammed Amin Adam, the Ranking Member on the Finance Committee, called for transparency concerning the tax incentives granted under the 24-Hour Economy programme. During a press briefing on November 10, 2026, he urged the government to publish a list of beneficiary companies and the total revenue forgone through these rebates. Similarly, Collins Adomako-Mensah, MP for Afigya Kwabre North, questioned the introduction of a new four-year transformation plan while initiatives like the "Big Push" and the 24-Hour Economy remain largely unassessed. The Minority maintains that without a clear implementation framework or data-backed results from previous promises, the New Economy remains a deceptive political gimmick.

Concerns regarding the sustainability and funding of the New Economy were also raised by Manso Nkwanta MP Tweneboa Kodua Fokuo. The policy reportedly aims to inject $10 billion into seven key sectors between 2027 and 2030, but Fokuo noted that the initiative appears to rely on future revenue expectations and public financing after failing to attract sufficient private sector interest. Veteran journalist Kwesi Pratt Jnr. added to the skepticism, questioning whether the new agenda signifies a departure from the NDC’s 2024 manifesto. He emphasized that Ghanaians deserve an update on progress made in employment, education, and infrastructure before the administration transitions to a new fiscal focus.

In response to the mounting criticism, Presidential Staffer Beatrice Annan clarified that the 24-hour economy policy has not been abandoned but is instead a core pillar of the broader New Economy agenda. During an appearance on TV3, she stated that the government remains committed to creating the necessary environment for the policy's success. Meanwhile, NDC communicators like Hamza Suhuyini have defended the President's vision, questioning the economic track record of those leading the critique. The debate sets a contentious stage for the Finance Minister's upcoming budget reading, which will serve as the definitive blueprint for the Mahama administration’s economic strategy.