The Member of Parliament for Hemang Lower Denkyira, Lawrence Agyinsam, has criticised the Mahama-led administration for failing to address geopolitical and global supply chain challenges in the 2025 budget.

Speaking on the floor of Parliament during the debate on the 2025 budget, he argued that the country's Gross Domestic Product (GDP) was significantly affected by external shocks, such as the coronavirus pandemic and the Russia-Ukraine war.

He added that Ghana needs to adapt to the shifting global landscape, where concepts like near-shoring and self-sufficiency are becoming prominent.

"Mr. Speaker, I am saddened by the fact that I've heard economists and others discussing the 5.7% GDP we are talking about, alongside the world's economy growing by 3.2%. Have they asked themselves what the underlying factors are? The underlying factors are two-pronged: the Russia-Ukraine war, which they don't want to acknowledge, and COVID-19. That is why Europe grew by only 1.7%, and China grew by just 1.6%," he said.

"This budget does not take into consideration the geopolitics of this world. The world is now a geopolitical battleground. Globalisation is being de-globalised. There is no globalisation happening anymore because the world depended on China, and when COVID came, everyone started focusing on self-sufficiency in their own countries. Therefore, the new buzzwords are near-shoring, offshoring, and onshoring," he added.

Agyinsam further criticised the 2025 budget for failing to address the African Continental Free Trade Area (AfCFTA), which he believes holds the key to boosting trade and socio-economic development for the country and the continent.

"Near-shoring means that Europe is now looking to bring its manufacturing companies closer, around Poland and Ireland. This budget did not even mention AfCFTA. AfCFTA is the single largest market after the World Trade Organization. This budget did not contemplate or mention anything about AfCFTA, even though we are looking to increase intra-African trade from about 13% to 18%, which would help us trade among ourselves," he bemoaned.

The Hemang Lower Denkyira MP also pointed out that Ghana's over-dependence on imported goods is a major factor, contributing to the depreciation of the local currency.

The Minister of Finance, Dr. Cassiel Ato Forson, presented the 2025 budget to Parliament on Tuesday, March 11, 2025.

The budget presentation was in accordance with Article 179 of the 1992 Constitution and Section 21(3) of the Public Financial Management Act, 2016 (Act 921).

SA/EK

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