IMF staff-level agreement confirms our suspicion gov't twisted fiscal data for politics - Minority

The Minority in Parliament has released a strong statement. This follows the announcement of a Staff Level Agreement between the International Monetary Fund (IMF) and the Government. The agreement is for the fourth review of an ongoing economic support program.

Dr. Mohammed Amin Adam, Ranking Member of the Finance Committee, signed the statement. He noted that the agreement confirms suspicions about government manipulation of fiscal data. This was done to achieve political goals and support claims by the President about a run-down economy.

The IMF's announcement allows for a $370 million disbursement after Executive Board approval. It revealed that Ghana’s economy performed better than expected in 2024. The country achieved a real GDP growth of 5.7%, surpassing both initial and revised targets.

Ghana's gross international reserves increased to $8.9 billion, showing gains in the external sector. The IMF also reported stabilization in the financial sector and progress toward debt sustainability. Debt-to-GDP dropped from 82% in 2022 to 61.8% at the end of 2024.

However, concerns were raised about fiscal performance due to rising inflation and accumulated arrears. Despite this positive outlook, the Minority believes the agreement highlights questionable fiscal reporting.

The Karaga MP pointed out discrepancies in primary deficit reporting. The Finance Minister announced a primary fiscal deficit of 3.9% of GDP for 2025. However, the IMF found it to be only 3.25%, a difference of about 0.7%.

The Minority criticized what they called a "propaganda agenda" from the current administration. They argued that this agreement vindicates the previous NPP government’s actions.

They stated that it disproves claims by President Mahama and others regarding "criminal mismanagement" of the economy or breaches of IMF terms. The statement emphasized that most targets were met, and missed ones did not threaten program stability.

Finally, the Minority urged the IMF Executive Board to ensure integrity in Ghana’s fiscal reporting. They reiterated their commitment to holding the government accountable for its actions.