Minority Claims IMF Staff-Level Agreement Confirms Government Manipulated Fiscal Data for Political Gain
The Minority in Parliament has reacted strongly to the recent Staff-Level Agreement (SLA) reached between the Government of Ghana and the International Monetary Fund (IMF) as part of the fourth review under the country’s ongoing economic programme. According to a statement issued by Dr. Mohammed Amin Adam, the Ranking Member of the Finance Committee, the Minority believes the agreement confirms long-held suspicions that the government manipulated fiscal data to serve political interests.
The SLA, which opens the door for a $370 million disbursement upon final IMF Executive Board approval, revealed that Ghana’s economic performance in 2024 surpassed expectations. The IMF reported a real GDP growth of 5.7%, exceeding both the original projection of 3.1% and a revised target of 4%. The external sector also recorded gains, with gross international reserves rising to $8.9 billion. The financial sector showed signs of stability, and the country made significant progress towards debt sustainability, with the debt-to-GDP ratio dropping from 82% in 2022 to 61.8% by the end of 2024.
Despite these positive developments, the IMF flagged issues with fiscal performance, particularly rising inflation and accumulated arrears, as areas where the country missed its targets. The Minority, however, focused on discrepancies in fiscal data reporting, especially concerning the primary fiscal deficit. Dr. Amin Adam pointed out that while the Finance Minister reported a 3.9% primary fiscal deficit in the 2025 Budget, the IMF’s figure stood at 3.25%—a difference of 0.7% of GDP. He also criticised the IMF for altering its own definition of the primary fiscal balance, originally agreed upon in the programme’s Technical Memorandum of Understanding.
The Minority claims this agreement exposes the current administration’s alleged “propaganda agenda” and vindicates the previous New Patriotic Party (NPP) government. They argue the agreement contradicts President Mahama and the Finance Minister’s claims that the NPP criminally mismanaged the economy or violated IMF terms.
In conclusion, the Minority called on the IMF Executive Board to ensure the integrity of Ghana’s fiscal reporting and reaffirmed their commitment to holding the government accountable for accurate and transparent economic governance.
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