The Minority in Parliament has issued a strongly worded statement following the announcement of a Staff Level Agreement between the International Monetary Fund (IMF) and the Government for the fourth review of the ongoing economic support programme.
In a statement signed by Dr. Mohammed Amin Adam, Ranking Member of the Finance Committee in Parliament, he noted that the “The Staff Level Agreement has confirmed our suspicions that the government manipulated the fiscal data to achieve political objectives and to support the earlier claims by the President that the economy he inherited was run-down.”
The IMF’s announcement, which paves the way for a $370 million disbursement upon Executive Board approval, revealed that Ghana’s economy performed far better than projected in 2024.
The country recorded a real GDP growth of 5.7%, exceeding the initial target of 3.1% and a revised target of 4%. The external sector also saw notable gains, with gross international reserves climbing to $8.9 billion.
Additionally, the IMF noted that the financial sector had stabilised and praised progress toward debt sustainability, with debt-to-GDP dropping significantly from 82% in 2022 to 61.8% at the end of 2024.
However, the Fund flagged concerns about fiscal performance, citing rising inflation and accumulated arrears as areas where targets were missed.
Despite the positive macroeconomic outlook, the Minority insists that the agreement sheds light on questionable fiscal reporting. The Karaga MP pointed to discrepancies in primary deficit reporting.
“Whilst the Minister for Finance in the 2025 Budget announced the primary fiscal deficit on a commitment basis (the fiscal anchor of the IMF program) to be 3.9% of GDP, the IMF found it to be 3.25%, a difference of about 0.7% of GDP. This is notwithstanding that the IMF itself departed from their own definition of the primary fiscal balance as defined in the Technical Memorandum of Understanding reached at the beginning of the programme.”
The Minority further criticised what it called the “propaganda agenda” of the current administration, highlighting that the Staff Level Agreement vindicates the previous NPP government.
He argued that the agreement disproves claims by President Mahama and the Finance Minister that the NPP had “criminally mismanaged” the economy or breached IMF programme terms.
“The Staff Level Agreement has shown that most targets were met, and the few missed could not collapse the programme, contrary to what the government has pushed,” the statement emphasised.
The Minority concluded by urging the IMF Executive Board to ensure the integrity of Ghana’s fiscal reporting and reiterated their commitment to holding the government accountable.
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