IMF agreement confirms govt manipulated fiscal data – Minority

The Minority in Parliament has accused the government of manipulating fiscal data. They claim this is for political gain. This follows a staff-level agreement between the IMF and Ghana. The agreement is under the Extended Credit Facility (ECF) programme.

If approved by the IMF Executive Board, Ghana could access about $370 million. This marks the end of the fourth review under Ghana’s three-year ECF programme. The goal is to restore macroeconomic stability.

The IMF acknowledged some progress but raised concerns about performance issues. They noted significant deterioration toward the end of 2024. Concerns included fiscal slippages before general elections and high inflation rates.

The Minority believes these observations support their claims against the government. They argue that the government altered economic data to mislead the public. This was done to suggest that the current administration inherited a troubled economy.

In March, after presenting the 2025 Budget, Dr. Mohammed Amin Adam spoke out. He is Ranking Member on the Finance Committee and a former Finance Minister. He accused Finance Minister Dr. Cassiel Ato Forson of misrepresenting economic conditions for political reasons.

On April 15, Dr. Adam reiterated his concerns in a statement. He pointed out inconsistencies between government-reported data and IMF findings. For example, he noted that while Ghana reported a primary fiscal deficit of 3.9% of GDP, the IMF found it to be 3.25%.

This difference amounts to about 0.7% of GDP, which is significant. Dr. Adam also criticized the IMF for straying from its own definitions of fiscal performance.

He stated that allowing multi-year payables in assessments changed previous evaluations significantly. Despite these issues, Dr. Adam remains hopeful about transparency in reviews.

He expressed confidence that the IMF Executive Board would conduct a fair review of Ghana's fiscal performance.
Dr. Adam emphasized that integrity in reviewing fiscal data is crucial for restoring public confidence.