The Minority Caucus in Parliament has said the International Monetary Fund's (IMF) Staff Level Agreement reached with the Government of Ghana for the implementation of the fourth review of the IMF programme is a testament to the economic success of the previous New Patriotic Party (NPP) government.

This agreement paves the way for a $370 million disbursement to Ghana once approved by the IMF Executive Board.

The Minority in a statement signed and issued by the Ranking Member of Parliament’s Finance Committee and the NPP Member of Parliament for Karaga in the Northern Region, Dr Mohammed Amin Adam, said the Staff Level Agreement had confirmed their suspicions that the government manipulated the fiscal data to achieve political objectives and to support the earlier claims by President John Mahama that the economy he inherited was run-down.

"To reach a Staff Level Agreement on these performances is, therefore, fully attributed to the economic success of the previous NPP government," the statement said.

The Minority further stated that it also contradicted the claims by the current government that the previous administration had breached the IMF programme and "criminally mismanaged" the economy.

The Minister of Finance, Dr Cassiel Ato Forson, had earlier stated that the previous government missed targets for primary fiscal balance, payables and inflation.

However, the Staff Level Agreement suggested that many of the targets were met.

Economic indicators

Giving figures to buttress their point, the Minority said the economy grew at 5.7 per cent in 2024, exceeding the initial target of 3.1 per cent and the revised target of 4 per cent.

They added that the country’s  gross international reserves accumulated $8.9 billion at the end of 2024, exceeding targets while the financial sector has been stabilised, with total assets growing by 33.8 per cent and total deposits by 28.8 per cent as of December 2024.

This growth, the Minority said, was attributed to significant successes in three important sectors: the real sector, the external sector, and the financial sector.

Assurance

The Minority Caucus assured the people of Ghana that they would remain committed to holding the government accountable and ensure that the sustainable path achieved in economic growth and debt levels was not compromised.

"As we wait for the approval of the Staff Level Agreement at the IMF Executive Board level, we want to assure the people of Ghana that we will remain committed to holding the government accountable," the caucus stated.

The caucus also drew comparisons to the 2016 IMF programme under President John Mahama's government, which missed almost all targets, leading to a renegotiation.

In contrast, the current programme has not been renegotiated and is fully on track in line with programme’s objectives.