IMF staff-level agreement confirms gov’t massaged fiscal data for politics – Minority
The Minority in Parliament has raised strong concerns following the announcement of a Staff-Level Agreement between the International Monetary Fund (IMF) and the Government of Ghana, marking the completion of the fourth review under the ongoing economic support programme.
In a statement signed by Dr. Mohammed Amin Adam, Ranking Member of the Finance Committee, the Minority accused the government of manipulating fiscal data to serve political interests.
“The Staff-Level Agreement confirms our suspicion that government altered fiscal figures to support its narrative that the economy it inherited was in crisis,” Dr. Amin Adam stated.
While the IMF praised Ghana’s economic performance in 2024, highlighting real GDP growth of 5.7% (above the initial 3.1% target), improved external reserves at $8.9 billion, and progress toward debt sustainability, the Fund also raised red flags.
It cited slippages in fiscal performance, including rising inflation, accumulated arrears, and delayed reforms.
The Minority pointed to inconsistencies in fiscal reporting.
Specifically, it challenged the discrepancy between the Finance Minister’s reported primary deficit of 3.9% of GDP and the IMF’s estimate of 3.25%.
“Even more troubling is the IMF’s deviation from its own definition of primary balance as outlined in the original Technical Memorandum of Understanding,” the statement noted.
The Minority also accused the government of pushing a “propaganda agenda” to discredit the previous NPP administration, arguing that the IMF’s findings disprove claims of economic mismanagement.
“The agreement shows that most programme targets were met, and those missed did not jeopardise the programme—as the current government has claimed,” Dr. Amin Adam added.
The statement concluded with a call on the IMF Executive Board to ensure greater transparency in Ghana’s fiscal reporting and pledged the Minority’s continued oversight to hold the government accountable.