In a statement signed by Dr. Mohammed Amin Adam, Ranking Member on the Finance Committee, the Minority contended that the agreement—reached after the 4th review of Ghana’s IMF-supported program—demonstrates the strength and resilience of the economy that the NPP government left behind.
“The real, external, and financial sectors of the economy achieved greater successes under the previous government,” Dr. Amin Adam noted. “This agreement confirms that our administration laid a strong foundation which the current government is benefiting from.”
According to the IMF, Ghana’s economy recorded a 5.7% growth rate in 2024, exceeding the revised target of 4%. Additionally, the external sector posted significant gains, with gross international reserves reaching $8.9 billion—the highest in recent years. The financial sector also showed strong performance, with total assets growing by 33.8% and customer deposits by 28.8%. The Ghana Stock Exchange (GSE) surged, with its All-Share Index rising by 56.2% during the same period.
The Minority also pointed to a substantial drop in the debt-to-GDP ratio—from 82% in 2022 to 61.8% by the end of 2024—as evidence of the NPP’s commitment to debt sustainability, citing the successful domestic and external debt restructuring efforts initiated under their leadership.
However, the Minority raised concerns over alleged inconsistencies in the government’s fiscal reporting. The statement accused the current National Democratic Congress (NDC) administration of manipulating primary fiscal deficit data for political advantage. It also questioned the IMF’s Ghana Mission for purportedly altering its methodology for fiscal balance assessments during the latest review.
“The IMF must ensure data integrity and transparency. Any change in fiscal measurement methods during reviews undermines public trust and accountability,” the statement read.
The Minority insisted that the credit for the current economic recovery cannot be claimed by the NDC government, as the progress stems from policies and reforms implemented by the previous administration.
They concluded by calling on the IMF Executive Board to uphold data accuracy and reaffirmed their commitment to holding the current government accountable for maintaining economic discipline and transparency.