The latest report by the International Monetary Fund (IMF) on Ghana reveals that the new John Mahama administration acknowledges the previous Akufo-Addo government’s significant role in stabilising the economy and laying the groundwork to address long-standing vulnerabilities.
According to the IMF, the new government has expressed strong support for reforms under the ongoing IMF-supported programme.
The Fund stated that “the authorities [Mahama government] see the latter [Akufo-Addo government] as having played a key role in stabilising the economy and in providing a credible anchor to address long-standing vulnerabilities and buttress confidence.”
This revelation comes just days after a heated exchange in Parliament between Majority and Minority members over Ghana’s recent economic gains, including declining inflation and a strengthening cedi.
The National Democratic Congress (NDC) credited Ghana’s recent macroeconomic gains to legacy policies initiated under former President John Mahama.
Amenfi West MP, Eric Afful pointed to falling inflation, dropping from 21.2% in April to 18.3% in May 2025, alongside a stronger cedi and improved fiscal indicators as evidence of this legacy. He attributed the progress to tight monetary policy, fiscal consolidation, and improved market confidence.
However, Ofoase-Ayirebi MP, Kojo Oppong Nkrumah challenged these claims, arguing the cedi’s rebound is largely due to short-term interventions, including a 1.4 billion dollar injection from reserves, which he says do not reflect long-term economic strength.
Other lawmakers echoed concerns about the sustainability of the gains. Energy Minister John Jinapor cautioned that while inflation has declined, prices are still rising, a case of disinflation, not deflation.
Dr. Kabiru Mohammed warned that the cedi’s appreciation, driven by central bank interventions, creates an illusion of economic strength and contradicts market principles.
He also disputed the improved debt-to-GDP ratio, attributing it more to debt restructuring than actual growth. He stressed that the current administration is reaping the benefits of reforms it did not initiate.
Isaac Kofi Agyei, JoyNews Research
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