Minority NPP responds to IMF staff level agreement, claims economic credit
The Minority caucus in Ghana’s Parliament, led by the member of parliament for the Karaga constituency and former finance minister Dr Mohammed Amin Adam, has issued a statement reacting to the recent Staff Level Agreement reached between the International Monetary Fund (IMF) and the Government of Ghana.
The agreement, which is part of the 4th Review of the ongoing IMF program, paves the way for the disbursement of $370 million to the country.
After the fourth review of Ghana’s IMF program, The IMF noted that Ghana’s economy showed stronger-than-expected growth in 2024, expanding by 5.7% against a revised target of 4%. Key sectors such as the real economy, the financial sector, and the external sector reportedly performed above expectations. Gross international reserves stood at $8.9 billion, and the financial sector saw a 33.8% growth in total assets and a 28.8% increase in total deposits.
However, the IMF also highlighted concerns about Ghana’s fiscal performance, particularly regarding inflation and accumulated payables. The primary fiscal deficit for 2024, reported by Ghana’s Finance Ministry as 3.9% of GDP, was revised by the IMF to 3.25%. The Minority has expressed scepticism about this assessment, accusing the government of manipulating fiscal data to serve political interests.
According to the minority Press release, the IMF’s findings support the position that the economy inherited by the current government was not as dire as previously portrayed by the president during his State of the Nation Address. They emphasized that the agreement reflects the strength of economic management under the previous NPP administration and cautioned the current government against taking undue credit for the progress made.
The minority also criticized the ruling NDC for previously alleging that the IMF program had been breached, noting that many targets had actually been met. They compared the current program’s performance favourably against the previous NDC-led administration’s 2016 IMF agreement, which required renegotiation due to missed targets.
