The Minority in Parliament has strongly criticized the government following the recent staff-level agreement between the International Monetary Fund (IMF) and Ghana. According to the Minority, the agreement supports their long-standing suspicion that the government manipulated fiscal data to serve political purposes and to reinforce claims that the previous administration left the economy in poor shape.

In a statement signed by Dr. Mohammed Amin Adam, Ranking Member of the Finance Committee, the Minority accused the government of deliberately misrepresenting economic figures. “This agreement confirms our belief that the fiscal data was twisted to support political narratives, especially to back President Mahama’s assertion that the economy he inherited was mismanaged,” he said.

The IMF’s staff-level agreement, which clears the way for a $370 million disbursement upon approval by the Executive Board, praised Ghana’s economic performance in 2024. The country recorded a real GDP growth rate of 5.7%, significantly surpassing both the original target of 3.1% and a revised forecast of 4%. Additionally, the external sector showed strength, with international reserves rising to $8.9 billion.

The IMF also acknowledged progress in restoring debt sustainability, noting a drop in the debt-to-GDP ratio from 82% in 2022 to 61.8% by the end of 2024. The financial sector was described as stable. However, concerns remained regarding rising inflation and arrears, which indicated missed fiscal targets.

Despite the positive economic outlook, the Minority remained critical. They highlighted a discrepancy between the Finance Minister’s reported primary fiscal deficit of 3.9% of GDP in the 2025 Budget and the IMF’s finding of 3.25%. Dr. Amin Adam stressed that this inconsistency, even as the IMF altered its own definition of the primary balance, points to unreliable reporting from the government.

He went further to accuse the administration of pushing propaganda while ignoring the fact that most of the IMF programme targets were actually met. According to him, the agreement indirectly vindicates the previous NPP government, dismissing claims of economic mismanagement and suggesting the current government exaggerated the country’s financial challenges for political advantage.

“The agreement exposes the inaccuracies in the government’s narrative and shows that the programme was not at risk of collapse, despite claims to the contrary,” the statement noted.

The Minority concluded by urging the IMF Executive Board to pay close attention to the credibility of Ghana’s fiscal reports. They reaffirmed their commitment to demanding transparency and holding the government accountable for its economic decisions.