Ghana’s Minority in Parliament has intensified criticism of the government over alleged manipulation of fiscal data, following a staff-level agreement between Ghana and the International Monetary Fund (IMF) under the Extended Credit Facility (ECF) program.
The agreement, pending IMF Executive Board approval, would unlock $370 million in financial support to bolster macroeconomic stability .
Central to the Minority’s allegations is a discrepancy in the primary fiscal deficit reported by the government and the IMF. While the Finance Ministry cited a deficit of 3.9% of GDP in its 2025 budget, the IMF assessed it at 3.25%, a 0.7% gap the Minority claims reflects deliberate misrepresentation for political gain . Dr. Mohammed Amin Adam, Ranking Member on Parliament’s Finance Committee, accused the government of distorting data to justify claims of inheriting a “run-down” economy, while the IMF’s findings instead highlight stronger-than-expected growth and debt sustainability progress .
The Minority further criticized the IMF for allegedly altering its methodology during the review, particularly in its treatment of multi-year payables. They argue that including these payables as if they occurred entirely in 2024 deviates from prior program definitions outlined in the Technical Memorandum of Understanding, skewing fiscal balance assessments . “The Fund Ghana Mission has effectively assessed the fiscal balance on metrics that vary from all previous reviews,” Dr. Adam stated, calling for transparency in the IMF Executive Board’s final evaluation .
The IMF’s report acknowledged Ghana’s robust 2024 economic performance, including 5.7% GDP growth surpassing initial targets and a drop in debt-to-GDP from 82% (2022) to 61.8% (2024) due to successful debt restructuring . However, it flagged fiscal slippages ahead of elections, rising inflation, and delayed reforms as critical concerns . These issues, the Minority argues, validate their warnings about election-year spending pressures and data integrity risks .
Political tensions underpin the dispute, with the Minority asserting that the IMF agreement vindicates the economic record of the previous New Patriotic Party (NPP) administration. They contend that the current National Democratic Congress (NDC) government cannot claim credit for the IMF review, which evaluates performance up to December 2024 a period they attribute to NPP policies . Conversely, the government has defended its fiscal reporting, emphasizing reforms to address arrears and inflation .
The outcome of the IMF Executive Board’s review carries significant weight for Ghana’s economic credibility. Analysts note that while the $370 million disbursement would provide short-term relief, lingering questions over data transparency could undermine investor confidence and complicate future program negotiations .
The Minority’s resolve to “hold the government accountable” underscores the broader challenge of balancing political narratives with technocratic oversight in a nation striving to stabilize its economy amid global headwinds .
