As Ghana transitions to a new administration, it is crucial for the outgoing government to provide clarity on the country's financial position at the time of handover.

A transparent and detailed account of the nation’s balance sheet will not only inform the public but also serve as a benchmark for assessing the new administration’s performance.

The need for financial accountability

Every leadership transition, whether in public or private institutions, requires a proper handover process, particularly regarding financial records.

Ghanaians deserve to know the true state of the economy at the time of transition. It is, therefore, essential for President John Dramani Mahama, in his upcoming State of the Nation Address, to openly declare:

The national debt stock – A clear distinction between domestic and external debt.

The country’s cash reserves – The amount left in the state coffers at the time of transition.

The fiscal deficit – The actual gap between revenue and expenditure before the new government took over.

This level of transparency will not only promote accountability but also prevent any misinformation about the financial state of the country.

Clarifying discrepancies in public data

One critical area where transparency is needed is the Free Senior High School (Free SHS) programme. Over the years, different figures have been cited regarding the number of beneficiaries.

Kwasi Kwarteng, the Public Relations Officer (PRO) of the Ministry of Education, once stated that 5.7 million students had benefited from the programme.

However, former Minister of Education, Dr. Yaw Osei Adutwum, later indicated that the actual number was 3.7 million. This contradiction raises concerns about the accuracy of data presented to the public.

To avoid similar inconsistencies, the new administration must ensure that all financial disclosures are based on verified records.

Ghanaians deserve clarity on the figures presented, as these numbers shape national discussions on policy effectiveness and financial management.

The impact of transparency

By openly sharing the nation’s financial standing, the government will:

Strengthen public confidence – A well-informed citizenry is more likely to support government policies.

Encourage responsible governance – Future administrations will follow this precedent of transparency.

Reduce political controversies – Accurate records will minimise political debates over economic performance.

Conclusion

As President Mahama prepares to address the nation, disclosing Ghana’s financial position at the time of handing over will serve the best interests of all citizens.

A clear and factual statement on the national balance sheet will not only build trust but also reinforce the principles of accountability and good governance. Ultimately, Ghanaians expect nothing less than transparency in managing the affairs of the state.

The Author, Dr. Faith Ababio-Twi, is a Financial Consultant and CEO of FAB Consult.