Adongo credits Ghana’s economic stability to Mahama’s leadership, dismisses NPP claims

Hon Isaac Adongo, Chairman of Parliament’s Finance Committee, spoke on Ghana's economy. He is also the Member of Parliament for Bolgatanga Central. Adongo credited the country's recent economic stability to President John Dramani Mahama's leadership.

On May 22, Adongo released a press statement. He dismissed claims from former Finance Minister Dr Mohammed Amin Adam and NPP flagbearer Dr Mahamudu Bawumia. They suggested that current economic gains come from gold reserves built by the previous NPP government.

Adongo called these claims “disingenuous” and “without factual basis.” He argued that improving economic indicators result from Mahama's disciplined policies, not inherited reserves.

He questioned why the cedi was weak at GHS17 to the dollar in 2024 under Bawumia and Amin. "What has changed with ongoing external factors like the Russia-Ukraine war?" he asked.

Adongo emphasized that macroeconomic stability comes from strict fiscal discipline and credible monetary policy. He praised structural reforms as key to this success.

"This is not a fluke," he stated. "We see results from Mahama’s focus on investor confidence." He highlighted efforts to curb borrowing, stabilize exchange rates, and control inflation.

Adongo praised the GoldBod programme for reducing gold smuggling and increasing foreign exchange inflows. This initiative formalizes the gold sector, boosting export revenues and strengthening the cedi.

He noted reduced government borrowing and improved transparency in the forex market as contributors to recent gains. Enhanced communication by the Bank of Ghana also played a role.

Interest rates are falling, inflation is decreasing, and the yield curve is normalizing. These improvements reflect trust in President Mahama’s leadership, according to Adongo.

He pointed out S&P Global's recent upgrade of Ghana’s credit status as evidence of credibility under Mahama's administration. "S&P didn’t upgrade us because of gold reserves," he explained.

In closing, Adongo criticized the NPP for claiming credit during good times while blaming others during bad times. "When the economy crashed, they blamed COVID-19 and Ukraine," he said.

Now that recovery is underway, they want recognition for it. "The Ghanaian people know leadership matters," he added.

Adongo reaffirmed President Mahama's commitment to Ghanaians despite distractions from critics focused on past failures like high taxes and inflation.