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 the statement signed by Dr. Mohammed Amin Adam, Ranking Member of the Finance Committee, he accused the government of manipulating fiscal data to achieve political goals.
“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 statement read.
The IMF’s announcement, which paves the way for a $370 million disbursement upon Executive Board approval, revealed positive economic performance in 2024, with Ghana’s real GDP growth at 5.7%, exceeding the target of 4%.
The country’s gross international reserves rose to $8.9 billion, and debt-to-GDP decreased from 82% in 2022 to 61.8% by the end of 2024. However, the IMF also raised concerns about fiscal performance, citing rising inflation and accumulated arrears as areas where targets were missed.
Despite the optimistic outlook, the Minority criticized discrepancies in fiscal reporting. Dr. Amin Adam pointed out a gap between the 2025 Budget’s reported primary fiscal deficit of 3.9% of GDP and the IMF’s calculation of 3.25%, questioning the accuracy of the government’s fiscal reporting.
The Minority also accused the current administration of a “propaganda agenda,” arguing that the Staff Level Agreement vindicated the previous NPP government.
They highlighted that most targets had been met, and that the few missed targets did not jeopardize the programme as the government claimed.
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.