 and the Government of Ghana is a clear endorsement of the economic reforms implemented under the previous New Patriotic Party (NPP) administration.){kind=link}
Ranking Member on Parliament’s Economy and Development Committee, Kojo Oppong Nkrumah, says the recent staff-level agreement between the International Monetary Fund (IMF) and the Government of Ghana is a clear endorsement of the economic reforms implemented under the previous New Patriotic Party (NPP) administration.
The Ofoase Ayirebi MP said the IMF’s assessment affirms that Ghana’s economy was on a recovery path before the NDC assumed office in January 2025.
“What the IMF has done is to affirm the position that the NPP administration took—that contrary to the NDC’s narrative of mismanagement, the Ghanaian economy was progressing on key parameters under our economic programme,” Oppong Nkrumah stated.
He referred to the IMF’s April 13 statement, which highlighted that Ghana had outperformed expectations in critical areas such as GDP growth, the financial sector, and the external sector. The IMF noted, for instance, that economic growth in 2024 reached 5.7%, far above the projected 3.1%.
“These achievements were the result of disciplined policies we put in place before leaving office,” he emphasized.
The former Information Minister also addressed comments made by Finance Minister Dr. Cassiel Ato Forson, who had claimed a fiscal deficit of 3.9% based on GHC 49 billion in arrears. Oppong Nkrumah argued that the IMF contradicted this, placing the deficit at 3.25% and noting that the arrears figure must first be audited to be considered official.
“Don’t be in a hurry to undermine national economic data just to score political points,” he cautioned. “You end up cutting your nose to spite your face.”
He further criticized the current administration for increased spending, questioning the rationale behind an expanded 2025 expenditure budget of GHC 290 billion, up from GHC 250 billion. According to him, much of the additional spending is not targeting productive sectors but is being channeled into government operations.
“For instance, the Office of Government Machinery’s compensation budget has ballooned from GHC 327 million to over GHC 2.7 billion,” he claimed.
Oppong Nkrumah also raised concerns about the NDC government’s reluctance to embrace public-private partnerships (PPPs), which he believes are essential to infrastructure development and easing the pressure on the national budget.
“This government says they don’t see how PPPs will work in this climate. But private capital is crucial—discouraging investors, like refusing mining lease renewals, sends the wrong signals,” he warned.
Touching on inflation management, he argued that the NPP was on track to reduce inflation to 11% by the end of 2025, and challenged the current administration to do better, aiming for 7–9% without derailing the disinflation path.
On the energy front, Oppong Nkrumah defended the NPP’s record, noting that power supply was more stable during their tenure. He criticized the recent 14.75% hike in electricity tariffs—which the IMF praised as necessary to reduce energy sector shortfalls—saying the decision unfairly burdens consumers.
“It is unconscionable to pass on capacity charges for unconsumed power to consumers,” he said. “The government has chosen to burden Ghanaians with increased tariffs—they will live or die by that choice.”
He concluded by urging the NDC administration to avoid propaganda and instead build on the economic progress made under the previous government.
“Admit the gains, build on them, and stop using propaganda to mask policy missteps,” he asserted.