The Ranking Member on Parliament’s Economy and Development Committee, Kojo Oppong Nkrumah, has raised concerns about the government’s fiscal strategy following plans to secure close to $1 billion in fresh loans barely nine weeks after Ghana exited the International Monetary Fund (IMF) Extended Credit Facility (ECF) programme.
The Ofoase-Ayirebi MP argued that the move raises questions about the government’s domestic revenue mobilisation efforts and the country’s long-term debt sustainability.
Speaking during a parliamentary debate on a motion seeking approval for several international financing agreements, Mr. Oppong Nkrumah said the loans should not be considered separately but as part of Ghana’s broader borrowing pattern.
Opening his remarks with the French expression, “Plus ça change, plus c’est la même chose”, meaning, “the more things change, the more they remain the same”.
He questioned whether Ghana had truly moved away from dependence on external financing despite exiting the IMF programme.
“It is because the domestic resource mobilisation measures are not performing that nine weeks after the IMF left town, they have gone back to the debt markets and are asking Parliament to approve close to one billion dollars,” he said.
Ghana announced its exit from the IMF ECF programme on May 15, 2026, after completing the programme, which the government described as a major milestone in the country’s economic recovery efforts.
However, Mr. Oppong Nkrumah said the decision to return to the international debt market shortly after the exit raises concerns about the sustainability of the government’s fiscal plans.
He indicated that the borrowing package before Parliament includes about $300 million for the education sector, $500 million for road infrastructure, about $22 million for the Ministry of Finance, as well as approximately $180 million in net borrowing already captured in the 2026 Budget.
The former Information Minister clarified that the Minority was not opposed to the projects the loans are intended to support, stressing that development financing can serve important national purposes.
“The issue is not the projects. We recognise that development financing serves legitimate national purposes. The question is why, so soon after exiting the IMF programme, we are back at the debt market,” he said.
Mr. Oppong Nkrumah said government had earlier assured Ghanaians that it had developed a stronger fiscal strategy that would reduce taxes while increasing revenue mobilisation to 18 per cent of GDP.
He noted that he supported that target but argued that available government reports suggest the objective has not been achieved.
According to him, one report puts Ghana’s revenue-to-GDP ratio at 15.7 per cent, while another records 16 per cent, figures he said remain similar to levels inherited by the current administration.
He warned that continued borrowing without significant improvement in domestic revenue generation could put pressure on Ghana’s debt sustainability.
Mr. Oppong Nkrumah also criticised what he described as government spending priorities, citing figures from the Bank of Ghana’s 2025 financial statements, which he claimed showed significant spending on quasi-fiscal operations.
He alleged that about GH¢16 billion was spent on sterilisation operations, while approximately GH¢9.6 billion was incurred through gold-related losses.
He called for stronger domestic revenue mobilisation and improved expenditure management to reduce Ghana’s reliance on external borrowing.
However, he insisted that government must address weaknesses in revenue generation and spending control to prevent a return to debt challenges.
“Borrowing itself is not the problem. The concern is whether we are building the capacity to finance our own development or simply postponing the challenge,” he added.
