NPP did the heavy lifting to stabilise economy - Amin Adam fires back at Isaac Adongo

Dr. Mohammed Amin Adam, Ranking Member of Parliament’s Finance Committee, has refuted claims by Hon. Isaac Adongo. Adongo suggested that Ghana's current economic stability is due to the new NDC-led government.

In response, Dr. Adam emphasized that the foundations for this stability were laid before January 2025. He stated, “Economic recovery is a continuum, not a reset.” The current macroeconomic gains are results of policies made between 2022 and 2024.

Dr. Adam referenced data from the International Monetary Fund (IMF) to support his argument. He noted that the IMF's April 2025 review recognized Ghana’s recovery efforts under the previous NPP administration. “The IMF confirmed that growth in 2024 exceeded expectations,” he added.

He also highlighted significant milestones achieved under the previous government regarding debt sustainability. This included restructuring over $18 billion in external debt and securing debt cancellations totaling over $12 billion.

Dr. Adam pointed out that these actions reduced Ghana's debt-to-GDP ratio to 53.7% by January 2025. However, he noted it is rising again under the new administration.

He dismissed claims that the new government influenced Ghana’s recent credit rating upgrade by S&P. “The rating uplift was based on gains made before the NDC took office,” he explained.

Dr. Adam stressed that strong export performance and improved trade balances resulted from consistent NPP policies over several years. “You cannot erase years of hard work with four months of governance,” he argued.

He warned against premature celebrations as inflation remains high at 21% as of April 2025. The policy rate is still elevated at 28%.

“Stability on paper must translate into real economic relief,” he cautioned, emphasizing lower prices and job creation are needed.

In conclusion, Dr. Adam called for an end to "political credit wars." He urged the government to focus on its own initiatives rather than claiming inherited progress.

“Ghanaians need sustainable progress, not applause built on others’ foundations,” he said. He encouraged the government to prove its competence through effective actions moving forward.