Ranking Member of Parliament’s Finance Committee and former Finance Minister, Dr Mohammed Amin Adam, has refuted claims by Hon. Isaac Adongo that Ghana’s current economic stability is the result of policies by the new NDC-led government.
Responding to Adongo’s recent statement attributing the appreciation of the cedi and other macroeconomic gains to the Mahama administration’s alleged “reset agenda,” Dr Adam stressed that the foundations for the current stability were laid long before the new government took office in January 2025.
“Economic recovery is a continuum, not a reset,” he stated. “The macroeconomic gains we are seeing now—cedi appreciation, reduced inflation, and improved investor confidence—are fruits of tough policy decisions made between 2022 and 2024.”
Dr Adam cited official data and reports from the International Monetary Fund (IMF) to reinforce his claims. According to him, the IMF’s April 2025 review clearly acknowledged Ghana’s recovery efforts under the previous NPP administration. “The IMF confirmed that growth in 2024 exceeded expectations and reserves accumulation far outpaced programme targets. These are not partisan soundbites but objective assessments by an independent body,” he added.
Read Also: Full Text: Isaac Adongo’s statement on economic stability under Mahama’s reset agenda
On the issue of debt sustainability, Dr Adam revealed that critical milestones, including the restructuring of over $18 billion in external debt, were achieved under the previous government.
“The October 2024 Eurobond exchange, domestic debt restructuring, and bilateral deals secured debt cancellations and service relief totalling over $12 billion,” he explained. “These achievements brought our debt-to-GDP ratio down to 53.7% by January 2025, but unfortunately, it is already ticking up under this new administration.”
He also dismissed suggestions that the new administration had influenced Ghana’s recent credit rating upgrade. “S&P’s May 2025 rating uplift was based on gains made before the NDC took office—particularly the comprehensive debt restructuring and strengthened reserves. The real work was done before January.”
Dr Adam further emphasised that strong export performance, FX reserves, and improved trade balances were results of consistent policies pursued by the NPP over several years.
“You cannot erase years of hard work with four months of governance,” he argued. “We recorded consistent trade surpluses since 2018, built reserves to $8.98 billion by end-2024, and laid the groundwork for monetary stability.”
He also warned against premature celebrations, noting that inflation remains high at 21% as of April 2025 and the policy rate is still elevated at 28%. “Stability on paper must translate into real economic relief—lower prices, affordable credit, and job creation. We are not there yet,” he cautioned.
Dr Adam concluded by calling for an end to what he described as “political credit wars,” urging the government to focus on delivering its own initiatives rather than claiming ownership of inherited progress.
“Ghanaians need sustainable progress, not applause built on the foundation of others,” he said. “Let the government now prove its own competence by clearing arrears, designing a growth strategy, restoring access to finance, and being transparent with the people.”
Read Also: Adongo credits Ghana’s economic stability to Mahama’s leadership, dismisses NPP claims
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