Chairman of Parliament’s Finance Committee and Member of Parliament for Bolgatanga Central, Hon Isaac Adongo, has credited Ghana’s recent economic stability to the bold reset agenda and prudent fiscal management of President John Dramani Mahama’s administration.
In a strongly worded press statement released on Wednesday, 22 May, Adongo dismissed recent claims by former Finance Minister Dr Mohammed Amin Adam and 2024 NPP flagbearer Dr Mahamudu Bawumia, who suggested that current macroeconomic gains are the result of gold reserves built under the previous NPP government.
Describing such assertions as “disingenuous” and “devoid of factual basis,” Adongo insisted that the country’s improving economic indicators are not the product of inherited reserves but rather “the result of deliberate, disciplined, and coordinated economic policy under the Mahama administration.”
“If reserves alone were the answer, why was the cedi hovering around GHS17 to the dollar in 2024 when Dr Bawumia and Dr Amin were managing the economy with those same reserves?” Adongo questioned. “What has suddenly changed with the same external factors—the Russia-Ukraine war and worsening geopolitical tensions still ongoing?”
He emphasised that current macroeconomic stability has been achieved through a comprehensive strategy involving strict fiscal discipline, a credible monetary policy stance by the Bank of Ghana, and bold structural reforms.
“This is not a fluke,” Adongo stated. “We are seeing the results of President Mahama’s focus on investor confidence, transparency, and economic credibility. From curbing government borrowing to stabilising the exchange rate and taming inflation, every step has been intentional.”
Adongo praised the innovative GoldBod programme introduced by the Mahama administration as a game-changer in curbing gold smuggling and boosting foreign exchange inflows.
“By encouraging formalisation in the gold sector, we’ve increased our export revenues, strengthened the cedi, and shown how local resources can be leveraged for macroeconomic stability,” he said.
He also pointed to reduced government borrowing, improved transparency in the forex market, and enhanced investor communication by the Bank of Ghana as key contributors to recent gains.
Interest rates are falling. Inflation is coming down. The yield curve is normalising. All of these are fruits of the trust Ghana’s business community and development partners are placing in President Mahama’s leadership,” Adongo said.
Highlighting the country’s improved sovereign risk ratings, Adongo noted S&P Global’s recent upgrade of Ghana’s credit status as a reflection of the Mahama administration’s credibility.
“S&P didn’t upgrade us because of gold reserves. They did so because they see a clear path to debt sustainability, backed by disciplined fiscal management,” he argued.
In closing, the Bolgatanga Central MP took aim at what he called the NPP’s pattern of claiming credit in good times while blaming external factors in bad times.
“When the economy was crashing, they blamed COVID, Ukraine, and everything else. Now that it’s recovering, they want the credit. But the Ghanaian people are discerning. They know leadership is the cause, and all other things are effects,” he added.
Adongo reaffirmed that President Mahama remains focused on his pledge to Ghanaians, undistracted by “those whose records are defined by haircuts, obnoxious taxes, and neck-breaking inflation.”
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