Minority in Parliament is accusing the government of manipulating fiscal data for political purposes, following the International Monetary Fund’s latest staff-level agreement with the country under its ongoing economic support program.

The Minority led by Dr. Mohammed Amin Adam, Ranking Member of the Finance Committee, issued a statement Monday asserting that the findings from the IMF’s fourth review confirm long-held suspicions that fiscal figures were “twisted” to support the administration’s narrative of inheriting a weakened economy.

“The Staff Level Agreement has confirmed our suspicions that the government manipulated the fiscal data to achieve political objectives,” Dr. Adam said, further alleging that the move was intended to validate earlier claims by President John Mahama regarding the state of the economy prior to his assumption of office.

The IMF’s statement noted that Ghana’s economic recovery has outperformed expectations. Real GDP growth reached 5.7% in 2024—well above the original 3.1% target and a later upward revision to 4%. The country’s external position also improved, with gross international reserves climbing to $8.9 billion. Progress was also reported in debt sustainability, as Ghana’s debt-to-GDP ratio fell from 82% in 2022 to 61.8% by the end of 2024.

However, the Fund also cited shortfalls in fiscal discipline, particularly with respect to inflation control and rising arrears. These concerns have drawn sharp criticism from the opposition, which claims that discrepancies in key fiscal metrics reveal attempts by the government to massage the numbers.

Dr. Adam highlighted inconsistencies between figures presented by the Finance Ministry and those published by the IMF, noting that the government had pegged the 2024 primary fiscal deficit at 3.9% of GDP, while the IMF’s review found it to be 3.25%—a 0.7 percentage point discrepancy.

The opposition lawmaker also questioned the IMF’s own metrics, pointing to what he described as a departure from the Fund’s earlier definition of primary fiscal balance as outlined in the program’s Technical Memorandum of Understanding.

The Minority’s statement characterized the government’s handling of the IMF review as part of a broader “propaganda agenda,” claiming that the findings ultimately vindicate the previous administration and raise questions about the credibility of official economic reporting.

The IMF’s agreement, once approved by its Executive Board, will unlock a disbursement of $370 million—part of a larger $3 billion program aimed at restoring macroeconomic stability in the West African nation.

Source:TheDotNews