IMF endorsement proves Ghana’s economy was not “criminally mismanaged” – Minority
The Minority in Parliament, led by Dr. Mohammed Amin Adam, has welcomed the Staff-Level Agreement reached with the IMF for the fourth review of Ghana’s economic programme, but insists that the deal is the result of reforms initiated under the previous NPP government
The opposition New Patriotic Party (NPP) says the latest agreement between the International Monetary Fund (IMF) and the government is proof that the country’s economic recovery was well underway before the change of administration.
The Minority in Parliament, led by Mohammed Amin Adam, has welcomed the Staff-Level Agreement reached with the IMF for the fourth review of Ghana’s economic programme, but insists that the deal is the result of reforms initiated under the previous NPP government.
The agreement, announced on Monday (15 April), paves the way for a $370 million disbursement to Ghana, pending final approval by the IMF Executive Board. It follows a review of Ghana’s economic performance as of end-2024.
According to the IMF, Ghana recorded stronger-than-expected growth of 5.7% in 2024, surpassing the revised target of 4%. The country’s gross international reserves reached $8.9 billion, while the financial sector saw robust improvements, with total assets growing by 33.8% and deposits by 28.8%.
The Ghana Stock Exchange also posted a year-to-date gain of 56.2% in 2024, and the Fund noted progress towards achieving debt sustainability, with Ghana’s debt-to-GDP ratio dropping to 61.8% from 82% at the end of 2022.
However, the IMF expressed concern about missed targets in fiscal discipline, particularly with inflation and outstanding government payments.
The NPP Minority, while welcoming the economic progress, accused the government of data manipulation for political ends. They argue that discrepancies between the government’s reported figures and those validated by the IMF reflect a lack of transparency.
“The Staff-Level Agreement has confirmed our suspicions that the government manipulated the fiscal data to achieve political objectives,” said Dr. Adam in a statement.
He also dismissed suggestions that the IMF programme had been derailed under the previous administration.
“This agreement vindicates the NPP government. Claims that the programme had collapsed due to criminal mismanagement have been exposed as propaganda,” he added.
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