Thursday, 28th May, 2026
Hon Cassiel Ato Baah Forson
Ajumako Enyan Esiam
Mr Speaker, I come before this House to provide an update on the substantial progress we have made in restoring macroeconomic stability and debt sustainability ahead of the original timeline.
Mr Speaker, this Address will also announce a new chapter in Ghana’s engagement with the International Monetary Fund (IMF). It is a consequential moment in President Mahama’s reset agenda and indeed in the life of our nation. It signifies Ghana’s passage from crisis management to stability, from dependence on financial bailout to partnership in reform and from uncertainty to renewed confidence in our economic future.
Mr Speaker, to appreciate the magnitude of this moment, we must briefly recall the gravity of crisis that Ghana faced in the year 2022. On the 1st July 2022, the previous Administration turned to the IMF for a financial bailout after their gross mismanagement of the economy had driven the country into a fiscal and balance of payment crisis.
Mr Speaker, the then National Democratic Congress (NDC) Flagbearer acknowledged the decision as necessary, through a belated intervention to arrest the decline and to ease the severe hardship being borne by the people of Ghana through no fault of theirs. The scale of that crisis was profound. It was traumatic, if not distressing and devastating. The cedi came under intense pressure. Inflation rose to painful levels. Investor confidence deteriorated sharply. External reserves were strained and Ghana lost access to the international capital market. As a result, credit rating agencies responded by downgrading Ghana’s sovereign credit rating repeatedly, in 2022, to levels never seen in our country’s history.
In February 2022, Moody downgraded Ghana to CAA1 from B-. In August 2022, S&P downgraded Ghana to CCC+. Again, in August 2022, Fitch downgraded Ghana to CCC. In the same year, September 2022, Fitch again downgraded Ghana from CCC to CC, signifying the severity of the situation. Finally, in 2022 October, Ghana lost access to the international capital market, with Ghana’s Eurobond spread widening to an all-time high of 3,400 basis points.
Mr Speaker, this further deepened the economic crisis and the financial crisis to the point that the Ghana COCOBOD was unable to secure a syndicated loan for the first time in many years, after 33 years, in fact. Also, some domestic commercial banks could no longer obtain external funding or establish Letters of Credit as international banks declined to confirm these instruments.
Mr Speaker, on the 5th of December 2022, following the announcement that Ghana could no longer meet its maturing domestic obligation, debt obligation, the NPP administration then introduced the Domestic Debt Exchange Programme, DDEP, imposing significant haircut on domestic bondholders.
Mr Speaker, on the 13th December 2022, Ghana formally requested debt treatment under the G20 common framework in order to restructure its bilateral debt portfolio of more than US$5 billion. On the 19th December 2022, the NPP administration again defaulted on the servicing of Ghana’s external commercial debt obligation.
The far-reaching haircut affected the Bank of Ghana, commercial banks, nonbank financial institutions, pension funds, insurance companies, individual bondholders, and even pensioners were not spared. Ordinary Ghanaians bore the heaviest burden of that crisis. The consequences were felt across households, businesses, and institutions through rapid depreciation of the currency, runaway inflation of more than 50 per cent, massive erosion of disposable incomes and savings, painful haircut on domestic bondholders, including pensioners, punitive interest rates that constrained private sector activity, and the imposition of nuisance taxes, including E-levy, Betting tax, COVID-19 levy, and Emission tax.
Mr Speaker, we witnessed job losses, business distress, and weakened investor confidence, and a sharp rise in poverty and economic insecurity. Mr Speaker, in the midst of all these hardships imposed on the people of Ghana, the Government of the day then remained bloated, purposefully inefficient, and riddled with waste.
Mr Speaker, by December 2024, those responsible proceeded to undermine the very IMF programme they themselves had signed to correct the mess that was imposed on the people of Ghana, missing targets and commitment under the IMF programme. That was the debt of the crisis that we inherited. Mr Speaker, it is important to recount, not to dwell on the past, but to remind ourselves of the heavy price of fiscal indiscipline and economic recklessness, and to affirm our collective resolve that Ghana must never again return to that path.
Mr Speaker, some painful experiences cannot be taught. They must be lived to be understood. But once experienced, never again should they be repeated. Mr Speaker, never again should the people of Ghana be made to go through such horrible experiences. Mr Speaker, upon assuming office, H.E. President Mahama administration moved with clarity and purpose to reset the Ghanaian economy and bring the IMF-supported programme back on track. We recalibrated the IMF programme to ensure fairer burden sharing and deeper structural reforms. Among the several measures we undertook in 2025 are as follows: First, we introduced the Public Financial Management Act and introduced commitment authorisation to control government expenditure.
We audited government arrears and payables to eliminate recycled Interim Payment Certificate (IPC) and overpayment. We stopped the misuse of tax refund accounts to finance schemes such as Strategic Mobilisation Ghana Limited (SML). We amended the Public Financial Management Act, 2016 (Act 1999) to institutionalise a 1.5 per cent of GDP primary surplus and 45 per cent debt to GDP by 2034. Mr Speaker, we introduced the GOLDBOD to enhance FX stability and reserve accumulation. We operationalised the Sinking Fund with dedicated cedi and U.S. dollar buffer to manage future debt maturities.
Mr Speaker, we removed nuisance taxes such as E-levy, Betting tax, Emission tax, and VAT on motor insurance to support private sector activity. We also established an Office for Value for Money to improve public expenditure efficiency. We established an Independent Fiscal Council to check compliance with fiscal rules. Mr Speaker, that is not all. We concluded Independent Power Producers (IPP) renegotiation, saving over US$250 million and cleared over US$1 billion in legacy arrears in the energy sector. We also reduced ministers of State from 123 later to 88 to now 60. Mr Speaker, we reduced Government ministries from 30 to 23.
Mr Speaker, I am pleased to report that these measures have produced clear and measurable results. Real GDP growth reached 6 per cent in 2025. Most importantly, non-oil GDP growth reached 7.6 per cent, the highest in 14 years. For the first time, Ghana’s economy crossed the 100 billion United States dollar threshold in 2025, making it a fully-fledged emerging market economy. Mr Speaker, Ghana’s economy is now ranked the eighth largest in Africa. Ghana’s per capita income increased to US$3,385 for the first time.
Again, Mr Speaker, the primary balance recorded a surplus of 2.5 per cent of GDP in 2025. Our public debt to GDP reduced to 44.7 per cent at the end of 2025, ahead of the schedule 2034. Mr Speaker, Ghana achieved the debt to GDP target of 45 per cent well ahead of the IMF programme of debt rule target by 2034. Our debt service to domestic revenue improved considerably, from 55.7 per cent in 2022 to 28.8 per cent in 2025, even with a resumption of full Euro bond obligations in 2025. Ghana achieved a moderate risk of debt distress from high risk of debt distress under our debt sustainability analysis, the first time in 12 years.
Mr Speaker, inflation declined now to 3.4 per cent in April 2026. The 91-day treasury bill has declined by over 2,300 basis points, from 28.4 per cent in January 2025 to 4.8 per cent in April 2026. Mr Speaker, the twoyear, three-year, and five-year bonds are now trading in the range of 11 per cent, 12.6 per cent, compared to 20 per cent in the previous year at the secondary market.
Mr Speaker, monetary policy rate has declined by 1,300 basis points, from 27 per cent in January 2025 to 14 per cent in April 2026. Mr Speaker, the current account recorded a surplus of 8.7 per cent of GDP as at December 2025. Most important, Mr Speaker, our currency appreciated by 40.7 per cent against the U.S. dollar in one single year, in the year 2025. Mr Speaker, these results affirm a simple but enduring truth. Mr Speaker, fiscal prudence and discipline always deliver results. Fiscal prudence and discipline always deliver results. Mr Speaker, macroeconomic stability is not an abstract policy objective; it is a foundation for jobs, income, investor confidence, and national prosperity. It is also the lesson we must carry forward if we are to ensure that the people of Ghana never relive the hardships of 2022. Prudence does not mean we are failing to spend, Mr Speaker. We can only spend what we have. Prudence is the difficult road for wealth creation. Mr Speaker, prudence does not mean we are failing to spend. We can only spend what we have. Prudence is the difficult road to wealth creation.
Mr Speaker, on the 77th Annual New Year School on the 6th of January 2025, President Mahama stated that “It is my hope that this will be the very last time we will ever go for a bailout from the IMF… It must be the 17th and the last time that Ghana goes for a bailout from the IMF”. The President further noted that “We will continue our collaboration with the IMF under Article 4 and other instruments...” I repeat, no further IMF financial bailout is currently required in the foreseeable future.
Mr Speaker, we have evolved from the position of “supplicant” to one of a “partner” with the International Monetary Fund. It is therefore my singular honour to announce to the House that Ghana has successfully concluded the final review of the current financial bailout programme pending approval by the IMF Executive Board. As Ghana moves beyond the Extended Credit Facility, our engagement with the International Monetary Fund will transition to a reform focused, nonfinancing Policy Coordination Instrument.
The Policy Coordination Instrument (PCI) is a non-financing IMF instrument designed for countries that do not require IMF financing but seek a credible framework for reform, regular policy reviews and a stronger signal to investors and development partners. For Ghana, this marks an important shift from seeking financial bailout to engaging as a credible reform partner while continuing to benefit from policy discipline, external validation and strengthened investor confidence. The PCI will enable us to continue leveraging the IMF’s regular policy assessment and expertise as a signal to investors, thereby certifying the credibility of our stewardship and further strengthening our credit rating.
In other words, Mr Speaker, Ghana has moved from the Intensive Care Unit (ICU) to the wellness centre. It is that simple; we have moved from ICU to wellness centre. To build on this hard-won foundation of stability, President Mahama’s administration has designed a new economic programme, “The New Economy”, to be unveiled as part of the 2027 Budget. The New Economy will move Ghana from stabilisation to transformation with a clear focus on sustainable jobs, higher productivity, greater resilience and broad-based prosperity.
Mr Speaker, President Mahama is grateful to the people of Ghana for their sacrifice, patience and steadfast forbearance. We do not take their support for granted. Our solemn pledge is that we will not be complacent; we will continue the hard work of building the Ghana we want. May God bless our homeland, Ghana. Thank you, Mr Speaker.
Hon Kojo Oppong Nkrumah
Ofoase Ayirebi
Mr Speaker, thank you for the opportunity to make some comments on the Statement delivered by the Minister for Finance to this honourable House.
Mr Speaker, I want to start with a preliminary comment, that there is a convention in this House that when Statements are being made, courtesy copies are made to the opposing Side of the House so that we are well prepared to respond. On this occasion, we on this Side did not get a courtesy copy, and it limits our ability to comment in real time. As of now, the Minister’s comments have gone into the public domain for days without an opportunity of a response, and I think this is a habit that we should desist from and resort to the traditional conventions that we work with.
Mr Speaker, in the Minister’s Statement, there was a lot of spin claiming that Ghana has exited, “the IMF”. In that same Statement, he makes a further comment that we are now going for what he calls a Policy Coordination Instrument (PCI). As my Colleagues and I will demonstrate in our submissions this afternoon, Ghana has not exited the IMF. We are members of the IMF. We went for an Extended Credit Facility (ECF) Programme. That Programme has been fully conducted. It has led to the stability that was objective and that Programme has come to an end. The Government has now signed or is in the process of signing another Programme, which is the PCI. The Government should be candid and let the people know so.
Mr Speaker, I want to speak on just about two key things. First, the argument of stability. As we follow the conversations on social media and in the public domain, post the Minister’s Statement, there are a lot of questions that the everyday Ghanaian is asking, that what is in it for me at the end of the day? And for many people, there are two key things they are looking for. They are looking for jobs and they are looking for the effect of the so-called stability in their lives, that is, an improvement in the cost of living.
Mr Speaker, I just want to share with the House, the real data that the Ghanaian people are focusing on, even as at now. I am taking it from the Ghana Statistical Service’s Quarterly Labour Force Survey, (Q3, 2025). It says: “In December 2024, the unemployment rate for young Ghanaians aged 15 to 24 stood at 32%. By the third quarter of 2025, that figure has risen to 32.5%. In the Greater Accra Region alone, youth unemployment, as at Q3 2025, is now at 49.3%.” What it means is that, on the average, one out of every two young people that you meet on the streets of the greater Accra region is unemployed.
Mr Speaker, the Ghana Statistical Service is saying that seven out of every 10 unemployed Ghanaians are under the age of 35. Seven out of every 10. So, for many people out there, the question they are asking is, how is the stability that has been achieved as a result of this IMF ECF signed in 2023 bearing fruit in their lives? And the data is that despite all the programmes that the Government on its own rolled out, the situation is getting worse.
Mr Speaker, on the matter of cost of living, the Minister headlined the inflation rate as about 3.4 per cent. When we double click and go into the details, services inflation is going up; rent is going up and electricity is going up. The basic things that the average Ghanaian is spending money on, which are structural, their costs are going up. So, the Ghanaian is asking the same question that, how is this so-called stability it impacting their lives at the end of the day?
My final point, Mr Speaker, in these five minutes that you have given me, the Minister and the Government spend a lot of time talking about the taxes that they have abolished. But we have been here in this Chamber when they have brought about eight other taxes and caused this House to pass. Despite the passing of these eight other new taxes, they have still not been able to meet the revenue to Gross Domestic Product (GDP) target which this Government promised us. It is the reason for which they have not been able to meet the expenditure commitments, and as a result, claim that they have been fiscally disciplined.
So, Mr Speaker, we on this Side of the House hear the Minister when he comes to rattle the numbers here. But as we keep saying, the numbers that the Ghanaian people are watching in their day-to-day lives are actually getting worse. Youth unemployment in Greater Accra is now 49 per cent and youth unemployment across the country is worse than this Government inherited at the beginning—. The Ghana Statistical Service Quarterly Labour Force Survey, (Q3 2025). I have just read it to them, maybe they were not listening. Those are the numbers that people are looking at.
I thank you Mr Speaker for the opportunity.
Hon Isaac Adongo
Bolgatanga Central
Thank you very much Mr Speaker.
Mr Speaker, I just want to make things very clear. The Minister did not say Ghana has exited the IMF. We have exited the IMF ECF Programme. We have exited the programme, not the IMF. We cannot exit the IMF because we are members of the IMF, please. The second point I want to make is that when we are looking at inflation, we do not pick items within the basket. There is a basket of goods and services and we are looking at the average of all of them. So, it does not mean that certain items will not show changes, but it simply means that when we consider generally, prices are stable and that is the point we need to make.
Mr Speaker, my Colleague said that we introduced eight other taxes without mentioning them. I am not surprised. Only recently, they said that there was a certain Electronic Levy (E-levy) that was roaming around at the Bank of Ghana. Mr Speaker, I have in my hands a letter that was signed by the Bank of Ghana to Mobile Telephone Network (MTN) dated 31st January, 2024. The National Democratic Congress (NDC) was not in power in January 2024.
In that letter, the Governor of the Bank of Ghana of the New Patriotic Party (NPP) wrote to MTN giving them no objection to impose the following fees. It read:
1. “Introduction of a fee of 1% for cash out transactions below 2,000 Ghana cedis.
2. Introduction of a 0.75% fee capped at 55 cedis for all transactions related to mobile money wallet transfer to banks.” Mr Speaker, so that transfer from wallet to bank was approved by the descendants of Dr Bawumia. It is very appalling that this is the kind of leadership they were providing this country. That a leader of this House in the Minority does not know that levies are imposed by this House and they are not imposed by a certain letter by a certain organisation. And that he sat here, we never brought any e-levy to this House, in fact, we abolished it. We have not come here with e-levy. And somehow, he sees a letter somewhere and impugned that this House has brought back E-levy.
Mr Speaker, the people of Ghana have already shown them that their credibility is the reason they voted them and put them where they are. And for them to go around lying to the people of Ghana that somehow some 0.75 e-Levy has metamorphosed into this country from the Bank of Ghana—The letter is here and I am willing to table it so that they will now know that they are the people who imposed the double eLevy. They went to the Bank of Ghana and imposed two e-Levies and they are now turning around to say that we have imposed them.
They went to the Bank of Ghana and imposed another two eLevies: one for cash-out and one for wallet-to-bank transactions. And these are the people who went and held a press conference. I want them to hold another press conference when we are done, to apologise to the people of Ghana, because deception and falsehood have no place in our governance and the people of Ghana are watching them. They should go out and do the needful and tell them that they got it wrong. There was no such e-Levy; they manufactured an eLevy that does not exist. Whether we like it or not, the economy is far better than we inherited it.
Mr Speaker, he wants to know what is in it for us. What is in it for the people of Ghana is that they no longer buy a dollar at GH₵15 or 17. What is in it is that they no longer buy a bag of maize for GH₵1000, but instead for GH₵300. That is what is in it for them. But also, what is in it for them is the fact that the whole country has been turned into a construction site, and we are developing this country in a manner that has not been witnessed since the days of Dr Kwame Nkrumah. That is what is in it for us.
At the end of the day, Mr Speaker, the people of Ghana have seen the difference. Ghanafoᴐ asoa nsuo, asoa nsa, and we know which one is heavy and the people will continue to keep them where they belong, because they messed up our lives and we are beginning to take our lives back. Ghana is back and the economy is back and we are not going back. As the Minister said, Ghana will not go back to the International Monetary Fund (IMF) after this terrible experience that we have had since 2022.
Mr Speaker, thank you.
Hon Mohammed Amin Adam
Karaga
Thank you, Mr Speaker. I have two quick rebuttals. I am very surprised that the Majority Side did not know that new taxes were introduced in this House and I would like to just mention some of them. The popular Dumsor Levy, the “D-Levy” —when was it introduced?
Mr Speaker, the Growth and Sustainability Levy. It was supposed to have ended, but they renewed it. They extended the sunset clause. The Special Import Levy. It was supposed to have ended last year. They extended the sunset clause. So if they do not know that, then I am telling them that they have introduced new taxes. They have brought 15 per cent Value Added Tax (VAT) on non-life insurance. I was surprised when the Minister mentioned some taxes as nuisance taxes, which they abolished, but failed to mention the new taxes that they have introduced.
Mr Speaker, in fact, they collected GH₵20 billion from Ghanaians as a result of increases in fees and charges. They do not know that. They forgot when they brought the Fees and Charges (Miscellaneous Provisions) Bill for this House to approve to increase fees and charges, as a result of which they collected GH₵20 billion from Ghanaians. So, if they do not know, let me remind them that they brought new taxes and the Minister should have been candid enough to mention them.
Mr Speaker, about the e-Levy, Hon Adongo said that the Governor during our time gave no objection. But why was it not implemented at the time until President Mahama became the President of Ghana? So, he should be candid. They should tell Ghanaians the truth: that they were trying to steal the e-Levy back because revenue is suffering.
Mr Speaker, in the Minister’s Statement, he mentioned that the programme under us derailed. And I want to inform them that the use of the word “derailed” is inappropriate and incorrect. If we go to page 74 of the IMF Fourth Review Document, the IMF puts out the performance measures by which they pass an IMF approval. The performance criteria have six targets. By the end of 2024, all the targets were met. Then we come to indicative targets. Out of the four targets, three were met. This is not a programme that was derailed. If we go to the IMF lexicon of programme derailment, the IMF will state that it is only when one misses a target under the performance criteria that the programme is derailed. Because then we will have to ask for a waiver before we can pass the review.
This Government does not know what “derailment” means. If it is about the fiscal outturn, everybody knows that they did politics. They brought their voodoo arrears in order to change the narrative about the fiscal outturn. And they have no monopoly over that. At the right time, they will eat the food that they have cooked. They have no monopoly over data manipulation to change the narrative about the performance of the economy.
Mr Speaker, the reason this Government opted for the Policy Coordination Instrument (PCI) is that the PCI is more about reforms and that is why they are not going to give them money. And these reforms are conditions that they will have to meet. I am surprised that this Government will accept conditionalities without any money coming from the IMF.
One of the targets they were supposed to meet, in respect of the implementation of the structural benchmarks, they failed. We had brought a 70 per cent implementation status, just like our peers. Kenya, 71 per cent and Zambia, 72 per cent. But by the time they exited the IMF, they brought in 55 per cent. That is the reason the IMF forced them to accept the PCI. Because they did not implement the structural reforms.
Mr Speaker, they were supposed to achieve a target of 18 per cent, as far as revenue to GDP is concerned. They have brought it down to 13 per cent. They failed. When we talk about stability, it is supposed to achieve certain purposes. One of the purposes it is supposed to achieve is to bring down the costs of borrowing. Even with an inflation of 23 per cent —
Hon Haruna Iddrisu
Tamale South
Mr Speaker, thank you very much.
Mr Speaker, the Hon Minister for Finance, Hon Ato Forson, undoubtedly has a strategic approach to Ghana’s economic growth and recovery. And that is exactly what has been achieved in the last one and a half years.
Mr Speaker, let anybody challenge me and this House that Ghana has not achieved economic stability under Minister Ato Forson. Let anybody, including the IMF, challenge me that Ghana has not achieved stability. Inflation, which was hovering between 54 per cent and 23 per cent in 2022 and 2023, is 3.8 per cent, facts. Gross Domestic Product growth was around 5.7 per cent.
Today, it is 6.2 per cent, facts. External reserves have increased from US$4 billion to US$10 billion to US$14 billion, facts, under the Minister’s approach. Then, those of them who are economists, how can an economist respond to addressing unemployment when that economy has not been stabilised? Today, on external reserves, I gave two different years. I am reading the IMF report. There was an external reserve of US$4 billion before it came to US$10 billion, and Dr Ato Froson has taken it to US$14 billion.
So, Mr Speaker, recovery first, and at least Dr Ato Forson, supported by the Reset Agenda of President Mahama, begins what we call the Import Substitution, which is why the Nkoko Nkitinkiti, the 24-hour economy, Accelerated Export Development Programme, are all being rolled out. Inherent in the implementation of some of this will be the key question of addressing Ghana’s unemployment.
Then, Mr Speaker, I heard the Hon Kojo Oppong Nkrumah talk about the revenue of Ghana as a percentage of GDP. He should go and read the Budgets of 2018, 2019, 2020, and 2022. Hon Ken Ofori-Atta promised 18 per cent of GDP as a percentage of revenue, which was never achieved, but I agree that it can be an aspiration that we can work towards.
Then, Mr Speaker, we heard them talk about reported Bank of Ghana losses, real and material, but at least, he should show me a Central Bank with a balance sheet worth it when the balance sheet does not contribute to managing the economic distress of that country. He should show me any of the Central Banks in the world. So, we can aspire to have a stable economy without necessarily accumulating losses; that can be an aspiration. But at least, the fact again is that during the tenure of the previous government, the Bank of Ghana made significant losses between 2022, 2023, and 2024. We can talk about the numbers.
In some years, it was GH₵9 billion; now, they are talking about GH₵15.6 billion. In another year alone, it was close to GH₵60 billion, but I agree that, aspirationally, Ghana must have a Bank of Ghana that is independent enough to contribute to economic stability without necessarily occasioning losses. So, Mr Speaker, I am happy to note that the Cabinet, under the guidance of the Minister for Finance, has taken a decision that to manage the risk, the GOLDBOD losses will sit in the GOLDBOD account, then, the Bank of Ghana will play its rightful place.
Mr Speaker, I want to thank you for the opportunity to contribute to the Statement. I agree that beyond stability, the economy must begin to respond to addressing the key question of unemployment. But to Hon Kojo Oppong Nkrumah, indeed, there is a growing percentage of unemployment, with 3.5 per cent from 3.2 per cent.
For instance, in the Cocoa sector, which was heavily indebted. The previous Government could not even perform the simple task of just taking money to buy cocoa. Then, they collapsed the Ghana Cocoa Board (COCOBOD) into economic distress with overindebtedness and inefficiency; that is what we are trying to do.
Mr Speaker, imagine that today, COCOBOD is in distress. How could that have happened if not mismanagement? So, Mr Speaker, I think that the Hon Minister for Finance, Dr Forson is on course. Then, finally, when Hon Kojo Oppong Nkruamah was talking about exiting, what the Hon Minister for Finance has done—
Hon Samuel Abdulai Jinapor
Damongo
Mr Speaker, thank you for the opportunity.
Mr Speaker, let me say very straightforwardly that if the Minister for Finance and the Ministry of Finance want to know how the national economy is being managed and how the economy is doing, they should not go far. They should just talk to their Colleague Ministers in Cabinet, and if they were in doubt, they should talk to their Backbenchers in this House on the Majority Side.
Mr Speaker, if they spoke to their Colleague Ministers in Cabinet, they would find out that Ministries are struggling today because the Ministry of Finance is not funding ministries to be able to discharge their mandate, particularly the Ministry of Education. They should compare the funding President Akufo-Addo gave to the Ministry of Education to the funding that is being given to the Ministry of Education today.
Mr Speaker, it is a fact that as a result of COVID-19, GDP growth in the United Kingdom fell by 3.5 per cent, in Canada by 5 per cent, and in Germany by 5 per cent. Indeed, at the time that the Akufo-Addo administration was leaving, inflation was on a downward trend; growth was surging. The economy was indeed recovering as a result of the postCOVID-19 economic recovery plan and programme that the Akufo-Addo administration implemented.
Mr Speaker, but as we say, we have heard enough of the complaints, we have heard enough of “we inherited this, we inherited that.” It is 18 months into their administration. If they say the economy is not good, they should fix it. What does fixing it mean? Fixing it means, as we speak today, growth of the agriculture sector that the Akufo-Addo government handed over to the Mahama administration in January 2025 was 9.3 per cent. As we speak today, the growth of agriculture has dipped to 4.5 per cent, and agriculture is the backbone of our economy.
Mr Speaker, with industry, the Akufo-Addo administration in January 2025 handed over an industry growth of 9.7 per cent. Today, it is 7.2 per cent. In the Ministry of Finance, the statistics are clear. Agriculture is not doing well; industry is not doing well; Farm produce is not being bought; Farmers are crying in the north; Farmers are crying in the east; and Cocoa farmers are crying in the south.
Mr Speaker, Ghana Statistical Service, indeed, working with a company called Alliance for a Green Revolution in Africa (AGRA) Food Security Monitor report, has reported that grains in February 2026 have not been bought across the country. The Government’s so-called disbursement of GH₵200 million, which this Parliament approved, has not been disbursed.
Mr Speaker, the Minister for Finance cannot still tell us things are doing well, and yet, on the streets of Ghana, in the Ministries, Departments, and Agencies of our government machinery, the Minister for Finance in the Ministry of Finance is being classified as the Minister who will not pay. Me ntua to wit, I would not pay. When the Minister for Education wants to recruit teachers, he would not pay. When the Minister for Health wants to recruit nurses, me ntua, to wit, I would not pay.
Mr Speaker, indeed, an economy does well when it generates jobs, and this Government’s flagship programme, the 24-hour Economy, Formula 1-3-3, where they committed to ensure that we have a 24-hour Economy, to grow this economy, and generate jobs for the teeming unemployed youth of our country, has collapsed, and unemployment is getting worse.
So, Mr Speaker, let me conclude and say to the Minister for Finance, to his face, he is not here, but his deputy is here, that the economy is not doing well as they want us to believe. I am in Ghana, where Ghanaians are paying high electricity bills, high water bills, unemployment is worse, teachers are not being employed, nurses are not being employed, cocoa farmers are taking a haircut, and fuel prices are skyrocketing.
The Deputy Minister for Finance should get on the streets and talk to Ghanaians. He may churn out the data because the data will help with a certain presidential ambition, but on the ground, it is not as well as it is in the Ministry of Finance. We expected the Minister for Finance to have come here to deliver a Statement on the 24-hour Economy, and he failed.
Thank you, Mr Speaker.
Hon Issah Atta
Sagnarigu
Mr Speaker, it is important to provide a context of the International Monetary Fund-Extended Credit Facility (IMFECF) facility in 2022. This IMF programme represents the most expensive IMF programme ever signed by the Republic of Ghana.
Mr Speaker, despite all sound counsel by stakeholders, the New Patriotic Party (NPP) government, knowing fully well that from 2019 Ghana was already headed in a trajectory of debt-accessibility and macroeconomic instability, they disregarded everybody and thought the Electronic Transaction Levy (E-levy) was the ankobam for our economy.
Mr Speaker, Ghana entered the ECF facility in 2022 at the worst macroeconomic conditions of our country, and that is why it resulted in painful decisions to be suffered by Ghanaians. Mr Speaker, let me provide the context. Inflation at that time exceeded 50 per cent, that is 54.1per cent, exchange rate depreciated over 40 per cent, we lost access to international capital markets, our sovereign credit was downgraded to junk, unsustainable public debt hovering around 104 per cent of debt-to-GDP ratio, and severe fiscal deficit.
Mr Speaker, this was validated by Moody’s, S&P, Fitch and also our stock prices were downgraded by J.P. Morgan. As a result of these difficulties, pensioners and other citizens of this country suffered a catastrophic DDEP. Banks, pension funds, insurance firms and individual bondholders all suffered. This was validated also by the IMF. In contrast, in 2025, we saw GDP bouncing back to a positive group of 6 per cent and above, non-oil GDP at 7.6 per cent and in fact, Ghana is now in the league of macro-stable economic and emerging markets in Africa. Ghana grew at 6.6 per cent in 2025, South Africa grew at 1.5 per cent, Nigeria grew at 3.2 per cent, Kenya grew at 5 per cent, Rwanda grew at 7 per cent and Ethiopia grew at 6.5 per cent. These are the leading nations in terms of stability in Africa. Inflation also declined but let me not worry you about that.
Mr Speaker, let me now take my attention to the debt-to-GDP reduction. As a result of the DDEP and the prudent management of our fiscals and the exchange rate stability, we reduced the public debt-to-GDP ratio from 61.8 per cent to 44 per cent, as validated by the International Monetary Fund (IMF) in its fifth annual review.
Mr Speaker, if we look at our exchange rate stability, from a depreciation of 40 per cent to an appreciation of 42 per cent. Let me provide this information, first, an Extended Credit Facility (ECF) is not mandatory. Secondly, an ECF is only available for countries with stable macroeconomic environment. Ghana could not have gotten an ECF in 2022. Countries that are currently on an ECF in Africa have stable macroeconomic conditions and it is a nonfinancing agreement. People have signed on to an IMF Programme because of policy credibility.
Ghana is a member of the IMF, so there is nothing wrong with Ghana approaching the IMF. We should only approach the IMF at our strong bargaining chip and that is what Dr Cassiel Ato Baah Forson is doing under the Reset Agenda. Mr Speaker, if we look at the PCI facility, it signals investor confidence. Recently, the European Union (EU) Ambassador to Ghana demonstrated that Ghana is the best destination for African trade.
In fact, if we also look at what the IMF said and I quote: “Ghana does no longer need emergency financing, but still value IMF discipline and credibility.” Currently, we are in a position to service our debt. We are not declaring debt default as done by the New Patriotic Party (NPP) in 2024. What the PCI does for Ghana is that, we are not going to return to excessive borrowing as we saw under the NPP. We are not going to see another weak financial management and fiscal distress.
We are not going to see quasi-fiscal losses and inefficiencies as done by State Owned Enterprises (SOEs) like Ghana Cocoa Board (COCOBOD) and others. Ghana, like many other countries—If we go to Rwanda, they are currently under a PCI. Countries as Senegal, Seychelles, Serbia, and Quebec, are all undergoing a PCI.
Hon Abdul Kabiru Tiah Mahama
Walewale
Mr Speaker, I would want to address some preliminary issues.
This House is a house of records, and when we say PCI is a signal of investor confidence, it is wrong. It is supposed to give policy credibility and when we are looking for policy credibility, it means that we want to actually get investors to come in to invest in the country. So, the two has to be clearly explained.
Mr Speaker, the second misconception is that, we are young in this House and may not know what happened in the 1990s. But the records are clear that the worst form of economic records was recorded during the period of PAMSCAD. So, when we want to posit the record, we must, again, stay to the fact.
Mr Speaker, with the greatest of respect, I thought the Statement the Minister made in the House the other day would at least give hope, after the Extended Credit Facility Programme. The Minister started by stating some facts. He stated that we went to the IMF in July 2022 and the reason was that there was gross mismanagement of the economy.
Mr Speaker, the Minister failed and willfully defaulted in addressing certain facts. Who brought about the energy sector mess? It was their Government. They negotiated contracts that were termed as “pay or take” that left us with huge debts. Who collapsed the banking sector? They collapsed the banking sector. We had to pay over GH₵25 billion to save the banking sector.
Mr Speaker, these people created the mess, which resulted in fiscal constraints and we had to cough out money to pay this particular debt. In cleaning the mess, obviously, there was going to be costs involved. They failed to admit the mess. Mr Speaker, we will remind them that it was their mess that created the fiscal constraint and ballooned our debt. This is because, we had to save the Ghanaian economy. They went ahead to say that this economy has grown by some 100 billion mark and they proceeded to say that we are the eighth in Africa
Mr Speaker, what he failed to address is that, Ghana had reached the eighth economy in Africa in 2024. It is not in their regime that we attained that mark. So why do they choose to present the record of 2024 as if they were records of 2025? The record they spoke to, which is that Ghana is the eighth biggest economy or largest economy in Africa, was attained in 2024. At a time that they thought former President Akufo-Addo was not doing anything, he grew our economy exponentially and we were able to achieve that record.
Mr Speaker, on paragraph 25, they proceeded to mention some achievements as the basis for which we should commend them. They said that they have concluded their IPP negotiation and that it has saved us some US$250 million. Who started the IPP negotiation? It was the former President Akufo-Addo who started it. Give credit to him. They are only concluding it, and they want us to praise them for concluding something that the previous Government had thought through and had started.
Mr Speaker, they again added to their achievement the fact that they have audited arrears. In 2018, the NPP Government audited areas and that is something that is not new. When they talk about growth, I would want to remind them that in 2024, they inherited a growth of 5.7 per cent of GDP. The economy was not on its knees when it was inherited. The economy was growing at a rate of 5.7 per cent of GDP in 2024. Inflation was not at 54 per cent when they took over and inflation was at 23 per cent. So, they cannot claim and project data from years ago as if they were data that they inherited.
Mr Speaker, if they want to measure their true size, they should go to the street, ask the teachers and nurses what the state of the economy is? They should go to the rural farmers in Kpasenkpe and ask them whether or not their rice farms are being bought. Go to Kantamanto and ask the market women whether or not they are benefiting from the economy. These are the factors they need to consider. They do not have to pat themselves in the back and think that they are doing something significant.
Mr Speaker, if there is any monumental failure of a government in terms of the management of the economy, hardship and the mismatch between the data and the reality, it is this Government— [Hear! Hear!]—For what use will the data make when the people are not able to feel it in their pocket? Mr Speaker, this Government is a mess, scam and we need not to tolerate that. The PCI is bereft of ideas, in it, they have not even stated the conditions. They must come again to this House with a better Statement.
Mr Speaker, I thank you so much for the opportunity.
Hon Zuwera Mohammed Ibrahimah
Salaga South
Thank you for the opportunity to contribute to the Statement made by the Hon Minister for Finance to this House on Ghana’s conclusion of its US$3 billion Extended Credit Facility from the IMF.
Mr Speaker, in spite of the IMF Executive Board assessment, which was very favourable to Ghana, the Minister for Finance still found it necessary to come and brief this House on progress and what that means for us.
Mr Speaker, speaking from a purely mother, woman, trader, householdkeeper’s perspective, the Minister for Finance mentioned the stability of the cedi. That for us is what it is. For every woman who goes to the market, the stability of the cedi enables us to plan, because women are the budget managers of the household.
Mr Speaker, in the run-up to the invasion of Iraq by the USA, there is this story that a friend came looking for his friend in the house and entered the house and met the wife and the children holding pen and paper, discussing school uniforms, school shoes, pepper, milk, onion, garlic, “kanwa’a” among others. So he asked them, where was their father? He said he is under the tree playing draught. So his friend went there and asked why he was sitting there while the woman and the children have taken over his role. He said, when it comes to budget, it is for women. He thinks about international issues like America invading Iraq.
Mr Speaker, that is the true duty of women. For us, anything that stabilises the economy, that today we can look at a 3.4 per cent inflation, thanks to the prudent fiscal and financial measures that the Minister for Finance and the NDC Government have introduced, we will celebrate.
Mr Speaker, this is a stark reality, as compared to the 2024 inflation of 22.85 per cent and 2023’s 38.11 per cent. Women could not plan. We could not plan the house budget. Today, I know that when I go to the market, milk is GH₵3, it remains GH₵3. When I go, five bunches of tomatoes or rice is GH₵400 and I can plan. We do not have to worry about whether food prices have increased or whether the household income will suffice us the period for which it has been agreed.
Mr Speaker, we were here when the previous Government introduced the Domestic Debt Exchange Programme (DDEP). Most of the people, pensioners who were affected, were women. Mr Speaker, we saw picketing at the Ministry of Finance. On one occasion, we saw the former Chief Justice of this country, Her Ladyship Sophia Akuffo, herself, protesting the “haircut” that had been introduced by the previous Government. These are women. Women’s pensions were at stake. Women’s money to take care of their grandchildren, to give them the joy of life, was taken away.
Today, if we can restore that and carry our children to Accra Mall to play, carry them to Efua Sutherland Park to play and take them on excursion to the Kwame Nkrumah Memorial Park, we are very happy. And we can only commend the Minister for Finance making time to come to Parliament and speak to us.
Mr Speaker, the inflation that we currently have has been described as a record that this country has not seen in 30 years. We have never seen this kind of— If we cannot celebrate this, then I do not know what we are looking for. I want to use this opportunity once again to thank you for the opportunity to commend highly the —
Hon Dominic Bingab Aduna Nitiwul
Bimbilla
Thank you, Mr Speaker.
I am glad that my Hon Colleague rose and spoke on behalf of women. But I will be glad if she can go with me tomorrow to Salaga, the capital of her constituency to show me where the Women’s Development Bank is located. I want to know. All of you, one by one, all the NDC MPs, one by one, I want you to go with me to your constituencies, to show me where the Women’s Development Bank is located. It sums up clearly how you feel about women. It sums up clearly what you think about them. It sums up clearly the intention you have about them. None of it is noble. They make lofty promises and they are not willing to fulfil a single one of them. I want all the NDC MPs to go with me to their constituencies to show me where the Women’s Development Bank is located.
In fact, I want them to go with me to Accra and show me where the headquarters of the Women’s Development Bank is located. Mr Speaker, I hold in my hand the Bank of Ghana Monetary Policy Committee press release on the 20th May, 2026, and it states that from December 2025 to February 2026, the debt stock of Ghana rose by GH₵33 billion. In two months, they increased the debt stock by GH₵33 billion and they would come and write to us that they are managing the economy well. If this is what H.E. Akufo-Addo have done in eight years, they would have met the debt at over GH₵1 trillion. Yes.
Mr Speaker, today, after all these statements, I want to find out what story will they give the nurses of this country? In fact, what are they going to tell them in 2028? Where is the automatic posting for nurses? What will they tell them? That they cannot employ them? That they are not paying them? Mr Speaker, what will they tell the teachers? Where is the automatic posting for teachers? That they are not employing them? That they are not paying them? Mr Speaker, what will they tell the university students? What will they tell them?
Mr Speaker, what will they tell the farmers of this nation in the north, south, east and west? What will they tell them? Or they do not hear the complaints of the farmers? If they come here and issue these statements, do they not hear the complaints of the farmers? Why did they not talk about it? Why? If their brothers or uncles are farmers, what are they going to tell them?
Mr Speaker, what are they going to tell the cocoa farmers? It is clear that they are not even listening. Because the cocoa farmers are weeping and saying that, “Mahama wo de yɛn ka. Wo twe womu tan ‘aa, wo de yɛn ka”, and that is the truth. To wit, “No matter what, Mahama, you owe us”. They promised them GH₵6,500 per tonne. Today, what are they giving them? What are they telling the cashew farmers? They should go to Nkoranza, their chairperson’s hometown and talk to the cashew farmers and listen to them. They wanted them to say something about it.
Mr Speaker, generally, what will they tell the ordinary Ghanaian? That is what I expected this Statement to answer. They are talking to themselves. The figures they are mentioning are to make them happy. But the ordinary Ghanaian is not happy at all. Today, I bought a ball of kenkey at GH₵7.00. Yes, in fact, I can take them there. I promise on my honour that I can take them there. I promise on my honour, Mr Speaker, I can take you there.
Mr Speaker, the economy is running for only —
Hon Thomas Nyarko Ampem
Asuogyaman
Thank you, Mr Speaker. It is surprising that the immediate past Minister for Defence will go to Lancaster Hotel to buy kenkey and come and sit in the House to tell Ghanaians that he bought kenkey at GH₵7. If he chooses to go to Lancaster Hotel to buy kenkey, he should carry his own cross.
Mr Speaker, this is a listening Government and we listen to Ghanaians. But what we would not take from our Friends is any attempt to suggest that they are better managers of the economy than us, because they are not; the evidence is clear. It is so surprising that today, just less than one and a half years after they left office, they are finding their voices. I am surprised. And they are inviting us to go to the streets. We are taking that challenge; let us walk out to the streets of this country and ask Ghanaians how they feel today and compare it to how they felt in 2024. Ghanaians will testify that things are better today.
Mr Speaker, the immediate past Minister for Finance said that the Statement that Dr Ato Forson made about derailment of the IMF programme was not true. I was surprised to hear that because of this very IMF programme that they signed up to, they committed that by the end of 2024, they will bring inflation down to 18 per cent. They ended December 2024’s inflation at 23.8 per cent. That is 5.8 percentage points higher than the target. Is that not derailment? They could not meet that Quantitative Performance Criteria (QPC) that they committed to. There were also net arrears payables of zero. They committed to ensure that arrears payables would not increase, but they ended the year by increasing payables by GH₵45 billion. Is that not derailment?
Mr Speaker, there were structural benchmarks that they committed to meet. One of them was ITAS, the Integrated Tax Administration System, that they were to implement by the end of December, but they could not meet it. It had to take hard work by this administration to implement that structural benchmark. So, it was met but delayed. They promised that they will link Ghana Integrated Financial Management Information System (GIFMIS) to Ghana Electronic Procurement System (GHANEPS), but they could not do that by the end of December, 2024. This administration came and by dint of hard work, we have been able to implement these things.
So, they derailed the programme and President Mahama’s administration came to revive it and we ended up exceeding, in fact, overperforming on all the targets that were meant to be met by the end of December, 2025. Inflation overperformed. We ended the year 2025 with an inflation rate of 5.4 per cent, and today, inflation is 3.4 per cent. From the beginning of this year to date, we have kept inflation at a single digit and we will continue to keep inflation like that. Ghanaians can feel it. Ghanaians know the difference.
In 2024, everyday prices of items were increasing. Today, prices are stable. So how can they ask us to go to the streets to ask Ghanaians? Ghanaians can feel it. They can see the difference. Even Electricity Company of Ghana’s (ECG) revenue validation report that they were required to do, they failed to do it. We know that it is their excessive borrowing plus mismanagement of the economy that brought Ghana's economy onto its knees. The haircut they gave Ghanaians pensioners had never happened in the history of this economy.
Ghanaians can see and feel it. President Mahama says that he cares more about his legacy. Ghana has gone through an IMF bailout programme 17 times. At the time that they were going for that 17th programme, our gross international reserves could not even cover one month of import. Today, we have enough reserves to cover six months of import. Is that not the difference between us and them? President Mahama says that what he is going to do is to make sure that we sustain the macroeconomic gains that we have and make sure that it creates employment to reduce unemployment in this country —
Hon Alexander Kwamena Afenyo-Markin
Effutu
Mr Speaker, I want to put on record that the initial understanding was for Leaders to have 30 minutes. That was what was communicated to me by my Whip.
And accordingly, the Caucus prepared for 30 minutes concluding remarks on this ministerial Statement. We however, as a Caucus, yield to your decision to say that you are giving us 10 minutes. So, I will comply with the 10 minutes. But I want the record of this House to reflect for the purposes of precedence that this was changed and we, the Minority, protest this and protest it with every energy in us. This is unfair.
Mr Speaker, that said, I want to take this opportunity, on behalf of the Caucus, to conclude on the comments so far from our Side in respect of the ministerial Statement, in respect of the IMF exit and the new engagement which, according to the Government, is yielding fruits.
Mr Speaker, this country is not interested in numbers. If a Minister announces GDP growth, talks about inflation, talks about exchange rates, and these have no real impact in the pocket of the ordinary Ghanaian, Mr Speaker, that Government cannot be celebrated.
Mr Speaker, one, electricity price tariffs have shot up through Government’s deliberate increase to 28 per cent; water, 19 per cent. Government so far has not been able to implement its own flagship programme, One job, Three shifts. The women banking policy is still in the works. They have not been able to implement it. Government has refused to spend and invest in agriculture. Government is rather encouraging galamsey and according to organised labour, since 2025, galamsey activities have increased. It is a matter of record, not me.
Mr Speaker, if in doing all of this, the same Government turns around to tell us that inflation is low, macroeconomic data—What is macroeconomic data? If indeed these facts are real, we should see them reflecting in the pocket of the people. Mr Speaker, the Ministry of Food and Agriculture and the Ministry of Finance are at war. Whereas one Ministry is saying funds have been released, the other Ministry says that no. This Government is focusing more on this Gold for Reserve Programme by encouraging galamsey than to invest in agriculture. That is one failure.
Mr Speaker, the same Government told us that the presidential jets could not be used. Mr President on his last trip flew Emirates to Dubai, from Dubai to the United Kingdom, then returned from the UK to Dubai with the presidential jet that they say cannot fly. Then from there to Belarus, then to Accra, the same presidential jet. Whom are they deceiving? A Government of inconsistency, a Government without clear path to economic growth.
Mr Speaker, this Government said that it was cancelling One District, One Factory (1D1F). In its place, there is no policy alternative. What is the policy alternative to incentivise the private sector? This Government is doing nothing to support economic growth and private sector participation. We want to challenge this Government. If they claim that their economic policies are prudent and that there is economic growth, the question is, how many businesses, how many factories, how many jobs have they created? Rather, their records have it that they have rather dismissed those who were in the employ of the State. Thousands of jobs have been lost since they took over.
At the Deputy Majority Leader’s establishment, where he is a board chairman, almost thousand youth who were employed at the Ghana Revenue Authority (GRA) were fired. We are aware. The Ghana Maritime Authority, the Ghana Gas, the Ghana Ports and Harbours Authority, even teachers who have qualified and to be recruited, they cannot recruit them. It is another fight between Ministry of Finance and Ministry of Education. They are fighting their Government, Mr Speaker. This Government is not in control of its own department and agencies. The President perhaps is in his lame duck months. Just one and a half years, they have lost control of the ship. We hear some Minsters taking awards, some are alleging certain things we do not know. We do not know what is happening.
Mr Speaker, this is a Government that has lost control. It cannot even take care of its 189 Members in this Chamber. Mr Speaker, the NDC Majority is a majority on paper. The Members, the Backbenchers of its Side, cannot even receive the necessary support for their constituents. They come here desperate, dejected and depressed.
Mr Speaker, and now let us talk about the so-called Gold for Reserves Programme. They told us that there is an economic cost in implementation of economic policy. But how do you measure the costs? Mr Speaker, the level of mismanagement, the level of corruption at the GOLDBOD, we know. How come you buy gold at a discount and sell at a market price? When the Minority sounded the alarm, they said that we were just doing politics. Now, when we raised it in December, they quickly organised an emergency joint board meeting between the Bank of Ghana (BoG) and the GOLDBOD, and reduced the fees from 15 per cent to 9 per cent. When the Minority raised the Motion on the floor of this House, the Majority used its numbers to defeat it. They now again reduce it to 5 per cent. Then now, they say they want to cover it with a budget.
Mr Speaker, this Government must account for all the losses. The International Monetary Fund (IMF) is estimating that we have almost about 9 billion in losses as a result of these GOLDBOD transactions with BoG. Mr Speaker, so far, we know that this Government has failed the people of Ghana. They have been in power in just one and a half years and they are thinking about a succession plan. One side of the Government is talking about Asiedu Nketia and another side is talking about some people. The Minister for Food and Agriculture wants to be president; some Hon Ministers also want to be president. Meanwhile, they have not demonstrated their ability to govern well with these four years they have been given. The people of Volta Region are waiting for their share of development; the people of Central Region are waiting for their share of development.
Mr Speaker, the Members of Parliament (MPs) on the Minority Side are not talking about ourselves. We know when they share, they will not give us. But even their own Side is hungry. Hɔmɔ miƞye nyɛ fɛɛ. There is no development. And the Minister for Finance will come here— Mr Speaker, thank you. A Government that cannot take care of its 189 Members cannot claim that it can take care of the entire country. They promised to create jobs and bring down the cost of living. They have failed the people of Ghana in just one and a half years. And when they get up, they say they want to bring Asiedu Nketia, Julius Debrah or Eric Opoku. Mr Speaker, this Government has lost control.
In just one and a half years, it has lost control. And there is nothing to celebrate them for. What they talked about is mere paper talk. The centre cannot hold. We are ready to take over the reins of government.
Hon George Kweku Ricketts-Hagan
Cape Coast South
Thank you very much, Mr Speaker.
I rise to comment on the Statement made in this House by the Minister for Finance, Dr Cassiel Ato Forson. A Statement on Ghana’s new engagement with the IMF and the progress that the Government has made so far on the macroeconomic stability of this country.
Mr Speaker, earlier, when my Leader was asking for 10 minutes, that is all that we needed. Probably five minutes would have done it because the Statement read by the Minister for Finance was as clear as daylight. And if we follow it, we will actually see— Mr Speaker, I heard the Leader on the other Side say that numbers really do not mean anything. Yes, he was using numbers to justify electricity bills having gone up or down. [Laughter] I know he is a fine lawyer, but I do not know how much he knows about numbers. But he says numbers do not matter.
Mr Speaker, in the Statement that the Minister for Finance read, he made it very clear that this country has restored the macroeconomic stability and the debt that was hanging around our necks. Sometimes when I sit here and I look at our Friends on the other Side, I wonder whether they were the same people who were in Government about a year and a half ago. They have completely changed; they have been anointed economically and they have become gurus on matters of economics and finance overnight.
Mr Speaker, the Minister for Finance made it very clear that we have actually come out of the crisis which we were in a year and a half ago. I remember when our Friends were in government, they said they were in a bush and they claimed they had turned the corner. I wonder how one can be in the bush and turn a corner. But that is what they were telling us. Obviously, they had lost control of managing Ghana’s economy.
Mr Speaker, 2022 became what the English people call the annus horribilis for the Government, where they lost control of pretty much everything and they ended up going to the IMF. Even though we advised them and the civil society and international organisations advised them, they said they were not going to go to IMF today or tomorrow. Eventually, they ended up there as a patient. They went there at a very painful time where they could not even service our debt domestically and internationally. This country was actually on its knees.
They came up and said they were going to restructure our debt domestically by doing the Domestic Debt Exchange Programme (DDEP). That was abysmally conducted. That is what resulted in pensioners ending up at the Ministry of Finance protesting about their hard-earned savings, which they thought they were going on retirement with to be able to buy medication.
Mr Speaker, Ghanaians have not forgotten. They have not forgotten about them at all. They cannot disappear in one and a half years and become brand new priests in priesthood clothes and now pretend that they understand Ghana’s economy better. Perhaps, we do better in understanding our economy when we go to opposition. So, they should do well and stay there. Because they have no understanding of what is happening in this country at the moment.
Mr Speaker, they talk about the GOLDBOD as if it is something that nobody understands, meanwhile, they clearly know what the GOLDBOD is doing. Part of the good situation we are in today is as a result of the GOLDBOD that His Excellency President Mahama introduced. The GOLDBOD has become a game-changer. The GOLDBOD has stabilised our currency. The GOLDBOD has improved our reserves. The GOLDBOD is what has made Ghana’s economy as good as it is today. And I know Ghanaians will not make that mistake of returning this country to our Friends on the opposite Side anytime soon. Because their management of the economy was abysmal.
Mr Speaker, in fact, I think that the way the economy was managed in the last eight years should be put in a library somewhere so children can read. It should be on how an economy can be badly managed so that this is not repeated going forward. Mr Speaker, we have done a lot of things. In record time, in just one and a half years, something that the international community, even the IMF, thought would probably take eight years for Ghana to restore itself; we have done it in one and a half years.
In fact, in one year, we were done. And then, in a few months, we are doing more. We set out initially to stabilise the economy because where we were, there was no way anybody was going to build growth or create jobs in a messy economy. So, the economy had to be stabilised. After stabilising the economy, we can then grow the economy into productivity. When we get the productivity, at the back of it, we must ensure that it is a growth that comes with jobs, not just growing the economy. That is the part that the Minister for Finance elaborated here when he read his Statement. We have completed making this economy sustainable. We have completed making this economy stable. We are now on the path to growing this economy.
In growing the economy, we can then begin to see the jobs. Things will have to be done in such a way that we do not put this country in a sinking hole as they did with the sinking cathedral hole that was created for Ghana’s economy. We have fetched the economy out of that hole, and it is now on the ground level, and we are building the economy. We just have to be patient. There is nothing they can tell Ghanaians about their management of the economy that will change anybody’s mind. Things were done so badly that if I were them, I would sit down and study how our economy is properly managed and not get into the same situation again.
Mr Speaker, we have done a lot of things. Some of the things that we have done were to stabilise and to bring inflation—We still remember; we have not forgotten that inflation at one stage in this country was over 54 per cent to be precise. Before they left office, it was around 23 per cent. Today, what is the inflation rate? What is the interest rate? They were gradually killing Ghanaians. They promised that there would be no haircut, and yet everybody’s hair is gone.
Mr Speaker, we got to a point where we were downgraded by the credit rating agencies. And what was the solution? The President, Nana Akufo-Addo, including the former Minister for Finance, proposed that Ghana, a debtor, should create a credit rating. The people who were giving us the money and were using their ratings to see whether we were on the right path to be rated, we were saying that because we did not want to pay our debt, we should create our own credit agency to monitor us and tell the people who give us the money that we are doing well, so give us more money.
That is why in 2022, after they defaulted, we basically had to lose everything. I call it the annus horribilis because it is the year that the external restructuring was done. It is the same year that an internal restructuring was done. It is the same year we went to the IMF. It is the same year that everything in this country that could go wrong went wrong.
Mr Speaker, the Minister for Finance said a lot of things about what this Government has done. One of the things we did was to start commitment authorisation. It is the commitment authorisation that helped us as Government to take control of what was actually going on in terms of our expenditure.
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