Chairman of Parliament’s Finance Committee, Isaac Adongo has rebuked the opposition New Patriotic Party (NPP) for the assertions that Ghana’s current economic stability stems from their previous policies.
Adongo, also the Member of Parliament for Bolgatanga Central, argued the significant improvements in macroeconomic indicators are a result of President John Dramani Mahama’s “reset agenda” and the “prudent fiscal management” initiated since his assumption of office in January 2025.
He dismantled the NPP’s narrative, particularly the claims by former Finance Minister Dr. Mohammed Amin Adam and Vice President Dr. Mahamudu Bawumia, who suggest that gold reserves built under their watch are stabilizing the cedi.
“If reserves alone could stabilize the cedi why was it hovering around GH¢17 to the dollar in 2024 under their watch, when they had those same reserves,” he questioned.
He condemned the NPP’s “sudden U-turn” to claim credit, after consistently blaming external factors for economic woes, as “not only dishonest but ignores the economic mismanagement that led us here.”
The Chairman asserted that the ongoing macroeconomic stability is “the result of deliberate policy interventions under President Mahama.”
These, he detailed, include “strong fiscal consolidation, a tightened monetary policy, and key structural reforms.” Adongo stressed tangible economic achievements: reduced government borrowing, easing interest rates, and a palpable increase in investor confidence – all, he insisted, are clear indicators of Mahama’s “fiscal credibility.”
“We have moved from opaque, shady borrowing tactics to a regime of transparency and discipline,” Adongo declared, emphasizing how this shift has “freed up credit for the private sector and reduced the crowding-out effect.”
He also lauded the recent launch of a Code of Conduct for government appointees as a critical “confidence booster” for both investors and the public.
Hon. Adongo also pointed to significant improvements in export performance, particularly in the gold and cocoa sectors, attributing this to the successful implementation of the “GoldBod program.” This initiative, he explained, has effectively curbed gold smuggling and boosted formal sector production.
“Gold exports are surging not because of old reserves but because of decisive interventions that have made formal trading more attractive and trustworthy,” he affirmed.
According to Adongo, the Bank of Ghana has played a vital role by enhancing transparency in its foreign exchange operations and policy decisions. This, coupled with international validation, has culminated in positive revisions of Ghana’s sovereign risk rating.
“S&P’s upgrade of Ghana from ‘SD’ to ‘CCC+’ is no accident. It’s a clear recognition of the Mahama government’s sound economic stewardship,” Adongo stressed.
He underscored that the normalizing yield curve and easing inflation are not just “abstract metrics,” but are “beginning to reflect in real terms in the lives of ordinary Ghanaians—just as President Mahama promised.”
Adongo accused the NPP of a consistent pattern of shirking responsibility in times of crisis and claiming credit in times of progress.
President Mahama, he said, is delivering on his pledge to the Ghanaian people, and that no amount of revisionist narrative from the NPP will erase their record of haircuts, obnoxious taxes, and economic hardship.”
