The Minority in Parliament has asserted that the recent Staff Level Agreement reached between the International Monetary Fund (IMF) and the Government of Ghana is a direct result of the economic policies implemented by the previous administration.
In a statement signed by Dr. Mohammed Amin Adam, Ranking Member on the Finance Committee, the Minority welcomed the agreement, which is expected to trigger a disbursement of $370 million upon Executive Board approval.
However, they strongly criticized the current government, accusing it of manipulating fiscal data and unjustly shifting blame for Ghana’s economic challenges onto the previous regime.
The IMF, in its own communication, praised Ghana’s recent economic performance, noting that growth in 2024 reached 5.7%, exceeding both the initial and revised targets of 3.1% and 4% respectively. The Fund also highlighted improvements in the external sector, with gross international reserves rising to $8.9 billion, as well as stability in the financial sector, marked by a 33.8% increase in total assets and a 28.8% rise in deposits by end-2024.
The Ghana Stock Exchange (GSE) was also singled out for its strong performance, with the All Share Index growing by 56.2% in 2024. Return on equity after tax rose by 30.8% in 2024, following 34.2% in 2023.
On debt sustainability, the IMF noted that Ghana had made notable progress, citing a reduction in the debt-to-GDP ratio from 82% in 2022 to 61.8% at the end of 2024, largely due to successful domestic and external debt restructuring.
Despite these gains, the Fund raised concerns over Ghana’s fiscal performance, specifically pointing to missed inflation targets and accumulated payables.
The Minority, however, argues that the IMF’s methodology for assessing fiscal performance in this review departed from past standards, allowing the inclusion of multi-year payables in a way that they claim misrepresents the actual 2024 fiscal balance.
“The Staff Level Agreement has confirmed our suspicions that the government manipulated the fiscal data to achieve political objectives,” the Minority said.
It also criticized the discrepancy between the Finance Minister’s reported primary fiscal deficit of 3.9% of GDP and the IMF’s figure of 3.25%.
The Minority further contended that the agreement vindicates the economic management of the former NPP administration.
They pointed out that many key program targets had been met, contrary to assertions by President Mahama and Finance Minister Dr. Ato Forson that the previous government had breached IMF conditions.
According to Dr. Amin Adam, “The new Government has just finalized discussions with the IMF on its new policies… which are yet to be implemented. The NDC government can therefore not claim any credit for the Staff Level Agreement.”
He also referenced Ghana’s 2016 IMF program under the then Mahama administration, stating that the former government missed most targets, resulting in a renegotiation—a situation which, he stressed, has not occurred under the current program.
The Minority concluded by reaffirming their commitment to holding the government accountable and protecting the economic progress made under the NPP.
