‘Staff-Level Agreement proves we were right’ - Minority claims credit for Ghana’s economic gains

The Minority in Parliament is celebrating a victory. This follows the IMF’s recent endorsement of Ghana’s economic performance.

The NPP group claims that the Staff-Level Agreement (SLA) from the 4th review of the bailout program “vindicates” their management of the economy before leaving office.

In a statement signed by Dr. Mohammed Amin Adam, they said the IMF's positive assessment proves that claims of economic mismanagement by the current government are unfounded and politically motivated.

“The Staff Level Agreement has confirmed our suspicions,” the statement said. It accused the government of manipulating fiscal data for political goals.

“This agreement vindicates the previous NPP government,” it added. This contradicts claims from the new government about breaching the program and mismanaging the economy.

According to the IMF, Ghana’s economy grew by 5.7% in 2024. This was well above their revised target of 4%.

The external sector showed strength too, with gross international reserves reaching $8.9 billion. This is the highest accumulation in recent years.

In finance, total assets grew by 33.8%. Deposits rose by 28.8%, and core liquid assets to short-term liabilities increased by 46.3%.

The Ghana Stock Exchange also performed well, with a year-on-year growth of 56.2% in December 2024.

Profitability ratios like Return on Equity (ROE) and Return on Assets (ROA) improved significantly during this period.

“Three important sectors achieved greater successes: real, external, and financial,” emphasized the NPP Minority. They insisted these outcomes resulted from policies laid before their administration ended.

The Fund noted progress toward debt sustainability as well. Ghana’s Debt-to-GDP ratio dropped to 61.8% at the end of 2024, down from 82% at the end of 2022 after successful debt restructuring.

However, IMF highlighted weaknesses in fiscal management and inflation issues too. They cited accumulated arrears and discrepancies in data reporting as concerns.

The Minority accused the current administration of data manipulation based on these findings. They suggested even the IMF altered its methodology for questionable fiscal reporting.

“While Finance Minister announced a primary fiscal deficit of 3.9% GDP, IMF found it to be only 3.25%,” they noted.

They pointed out that this discrepancy arose because IMF changed its definition of primary balance to include multi-year payables, creating inconsistencies with earlier reviews.

The NPP Minority claimed this was an effort to portray a bleaker fiscal picture under their administration using “propaganda” against them.

They stated that this SLA reflects decisions made under NPP policy alone, not those from the new government whose Memorandum has yet to be implemented.

“The NDC government cannot claim credit for this Staff Level Agreement or IMF approval,” they asserted.

Taking aim at Mahama's past performance, they recalled that during a previous IMF engagement in 2016, his government missed almost all targets leading to renegotiation.

They argue that this SLA shows a disciplined and resilient economic legacy inherited by the current government.

“We will hold them accountable to ensure sustainable growth continues without compromise,” concluded their statement.