The Minority in Parliament has welcomed the recent Staff Level Agreement reached between the International Monetary Fund (IMF) and the Government, describing the development as a clear vindication of the economic management record of the previous New Patriotic Party (NPP) administration.
In a statement signed by Member of Parliament for Karaga and Ranking Member on the Finance Committee, Dr. Mohammed Amin Adam, the Minority rejected claims by President John Mahama that the previous government had “criminally mismanaged” the economy and breached the IMF programme.
According to Dr. Adam, the Staff Level Agreement—reached after the IMF’s fourth review of Ghana’s programme—proves that many of the critical targets were, in fact, met under the previous administration.
“It must also be noted that reaching a Staff Level Agreement has vindicated the previous NPP government contrary to the new government’s assertion that the programme had been breached and ‘the economy criminally mismanaged,’ in the words of the President of the Republic,” he stated.
The agreement, once approved by the IMF Executive Board, will pave the way for the release of $370 million in funding to support Ghana’s economic recovery.
Dr. Adam further pointed to the IMF’s revised assessment of key economic indicators. He highlighted that Ghana’s economy grew by 5.7% in 2024, surpassing both the original growth target of 3.1% and the revised target of 4%. Additionally, gross international reserves increased to $8.9 billion, while the debt-to-GDP ratio improved significantly, dropping from 82% at the end of 2022 to 61.8% at the end of 2024.
The Minority also criticised the current administration for what they described as politically motivated claims regarding missed IMF targets.
They argued that while some indicators—such as inflation and accumulated payables—did miss their targets, these shortfalls were not severe enough to collapse the programme.
“Minister of Finance, the Hon. Ato Forson, declared during the 2025 budget presentation that the previous government had breached the IMF programme because it missed the targets for the primary fiscal balance, payables, and inflation.
“The Staff Level Agreement has proven that many of the targets had been met; and missing these few targets could not collapse the programme as the new government tried hard to communicate in furtherance of its propaganda objective,” the statement added.