The New Patriotic Party (NPP) has firmly rejected claims by the Chairman of the Parliamentary Finance Committee, Isaac Adongo, that Ghana’s recent economic gains are solely due to the efforts of the newly installed Mahama administration.
In a strongly worded rejoinder, the NPP argued that the current macroeconomic stability is a result of tough reforms and sound policies implemented between 2022 and 2024.
Signed by the Ranking Member on the Finance Committee, the five-page statement described Adongo’s comments as a “political rebranding” exercise that distorts facts and ignores independent assessments of Ghana’s economic recovery.
“Economic recovery is a continuum, not a reset,” the statement emphasised, noting that the appreciation of the cedi, slowing inflation, and improved investor confidence are rooted in the structural reforms executed under the Akufo-Addo and Bawumia administration.
The NPP cited the International Monetary Fund’s (IMF) April 2025 review, which confirmed that Ghana’s economic performance had exceeded expectations. “Growth in 2024 was higher than expected… and international reserves accumulation has far exceeded the ECF-supported programme targets,” the IMF report stated.
The rejoinder also highlighted the NPP’s handling of Ghana’s debt situation, especially the $18 billion external debt restructuring completed before January 2025. According to the statement, this effort yielded significant benefits, including $5 billion in debt cancellation and $4.7 billion in debt service relief from Eurobond holders.
Despite Adongo’s claims, the NPP warned that Ghana’s debt-to-GDP ratio had started increasing again under the Mahama government—rising from 53.7% in January 2025 to 55% by March. “The current administration has added GHC42.7 billion to the national debt stock in just three months,” the statement said.
On trade and forex stability, the NPP argued that the current surplus and strong foreign exchange reserves—$8.98 billion by the end of 2024—were the result of years of prudent policy, not a four-month turnaround. “The Bank of Ghana’s ability to inject $590 million into the market in April 2025 was made possible by reserves built under the NPP,” it added.
The statement concluded by urging the Mahama government to “move from inherited stability to implementation”, outlining the need to clear arrears, launch a new growth strategy, and maintain transparency.
“What Ghanaians need now is sustainable progress—not short-lived applause built on the foundation of others,” the party stated.
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