The Chairman of Parliament’s Finance Committee, Hon. Isaac Adongo, has slammed the New Patriotic Party (NPP), rejecting what he described as “misleading” claims that Ghana’s recent economic stability is a legacy of their past administration.
Adongo attributes the turnaround to President John Dramani Mahama’s ‘reset agenda’ and the “prudent fiscal management” implemented since January 2025.
Speaking with forceful conviction, the Bolgatanga Central MP directly challenged assertions from former Finance Minister Dr. Mohammed Amin Adam and Vice President Dr. Mahamudu Bawumia, who have pointed to gold reserves built under the NPP as the linchpin of the cedi’s newfound strength.
“If reserves alone could stabilize the cedi,” Adongo questioned, “why was it hovering around GH¢17 to the dollar in 2024 under their watch, when they had those same reserves?” He branded the NPP’s sudden pivot to claiming credit, after previously blaming external factors for economic woes, as “not only dishonest but ignores the economic mismanagement that led us here.”
In a damning statement, Adongo declared that the ongoing macroeconomic stability is “the result of deliberate policy interventions under President Mahama,” citing “strong fiscal consolidation, a tightened monetary policy, and key structural reforms.” He underscored current achievements, including reduced government borrowing, easing interest rates, and a palpable surge in investor confidence – all, he insisted, are direct consequences of Mahama’s “fiscal credibility.”
“We have moved from opaque, shady borrowing tactics to a regime of transparency and discipline,” Adongo asserted, highlighting how this shift has “freed up credit for the private sector and reduced the crowding-out effect.” He lauded the introduction of a Code of Conduct for government appointees as a crucial “confidence booster.”
The MP also pointed to a significant improvement in export performance, particularly within the gold and cocoa sectors, crediting the successful implementation of the “GoldBod program” for curbing smuggling and boosting formal 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 stated.
Furthermore, Adongo praised the Bank of Ghana for enhancing transparency in its foreign exchange operations, which, combined with international validation, has led to positive revisions of Ghana’s sovereign risk rating. “S&P’s upgrade of Ghana from ‘SD’ to ‘CCC+’ is no accident,” he emphasized. “It’s a clear recognition of the Mahama government’s sound economic stewardship.”
Adongo stressed that the normalizing yield curve and easing inflation are not mere “abstract metrics” but are “beginning to reflect in real terms in the lives of ordinary Ghanaians—just as President Mahama promised.”
He issued a scathing critique of the NPP’s consistent “tendency to shirk responsibility in times of crisis and claim credit in times of progress.
“President Mahama is delivering on his pledge to the Ghanaian people, and no amount of revisionist narrative from the NPP will erase their record of haircuts, obnoxious taxes, and economic hardship,” Adongo declared.
By Osumanu Al-Hassan-thenewsbulletin24.com