Boako Challenges NDC Over Sinking Fund Transparency

Former Economic Advisor Dr. Gideon Boako has taken aim at Felix Kwakye Ofosu, urging him to stop spreading misleading claims about the previous government’s handling of funds for debt servicing.

In a pointed social media post, Boako demanded that the government publish the balances in its sinking fund to prove that significant buffers were indeed available. He argued that the recent payment to bondholders wasn’t made by magically conjuring money from thin air, but by sweeping unspent funds from various accounts into the sinking fund.

“If there were no funds left as buffers, where would they sweep from?” he questioned, highlighting that over GH¢700 million in auction excess on January 3 remained unspent, along with GH¢3 billion of end-of-year revenue and other reserves.

These comments directly counter claims made by Felix Kwakye Ofosu, who has dismissed the notion that the previous administration had strategically positioned reserves. Speaking at a press briefing on February 19, Ofosu insisted that for the former government to justify such claims, it would need to show exactly where the buffers were held. “In order to pay the money, you need to find it and lodge it somewhere. That is what you call a buffer—pending payment at a given date,” Ofosu asserted, adding that the figures simply don’t add up when payments totaling around GH¢6 billion are contrasted with negligible amounts.

Boako’s challenge underscores a broader debate about fiscal transparency and accountability. His call for the publication of the sinking fund balances is not merely a partisan jab; it is a demand for clarity on how public funds are managed, especially when such significant sums are involved. In an era where government accountability is paramount, the public’s right to see clear and verifiable financial records is more important than ever. This exchange serves as a stark reminder that robust financial management and open communication are essential for sustaining trust in government operations.