Chairman of Parliament’s Finance Committee, Isaac Adongo, has commended President John Dramani Mahama for what he calls the successful rescue and revival of Ghana’s collapsed economy, arguing that the 2026 Budget reflects genuine stability and large-scale transformation.
According to him, the administration inherited one of the worst economic crises in Ghana’s history and has since restored investor confidence.
Speaking during Tuesday’s debate on the 2026 Budget Statement and Economic Policy, the Bolgatanga Central MP claimed the previous government left behind a completely junk economy that no international lender was willing to support.
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“We were running an economy that nobody was willing to give us money because our predecessors ran it into bankruptcy. All the rating agencies agreed we were running a junk economy,” he said.
A bankrupt economy
The MP revealed that when the Mahama government assumed office, inflation had soared to 54%, foreign reserves could support less than two weeks of imports, and Ghana was unable to secure essential medicines.
“If inflation is 54%, nobody will give you money unless you pay above 60% interest. That was the economy we inherited,” he recalled.
He said Ghana’s derailed IMF programme, severe cedi depreciation, and investor flight painted a picture of a country on the brink of collapse.
Stabilised Cedi without external borrowing
Adongo hailed the Gold-for-Forex mechanism as a game-changer, helping stabilise the cedi without the country borrowing externally. “We never pumped $1.4 billion into the economy. What we used was Forex generated domestically through the gold programme.”
According to Adongo, Ghana has now restored key macroeconomic indicators, making the 2026 Budget a forward-looking document focused on growth, jobs, and transformation.
“Inflation is behaving and will remain within the medium-term band of eight per cent, plus or minus two. Interest rates are behaving, and the exchange rate fears to go anywhere near GH¢12, let alone GH¢17.”
Transformation agenda in the 2026 Budget
1. Energy Sector Expansion
Adongo said Ghana will soon see major upgrades, including new power plants and an additional 150 million standard cubic feet of gas processing capacity.
“This will be a major transformation that the people of Ghana will see.”
2. Aviation Infrastructure Overhaul
Key aviation projects include:
- Revival of Terminal 2
- Concourse linking Terminals 2 and 3
- Multi-storey car park to reduce missed flights
- Expansion of Wa and Sunyani airports
- Construction of the Bolgatanga Airport
- A modern airport hotel at Terminal 3
“When you arrive in Ghana, you should be able to rest just as we do in Ethiopia.”
3. Education Sector Revolution
The MP announced the government’s plan to eliminate the A, B, C school categorisation.
“By the time President Mahama leaves office, there will be no A, B, C schools. All schools will be Schools of Ghana.”
Budget allocations include:
- Increasing GETFund from GH¢3.4bn to GH¢9.9bn
- Massive investment in basic schools, dormitories, and teaching facilities
- Expanded funding for children with learning difficulties
4. Health Sector Modernisation
The government plans to retool hospitals with MRIs and advanced scanners, boost NHIA funding, and inject GH¢3bn into the Mama Cares programme to fight communicable diseases.
5. Security and Emergency Services
Adongo criticised the current state of emergency response but assured that major upgrades are forthcoming.
“Today, when there is a fire, it is better to look for a bucket than to call the Fire Service. We will procure new fire tenders and build capacity to fight fires in high-rise buildings.”
Adongo stated that the 2026 Budget marks the beginning of a renewed national direction, stressing that it is a big push to transform the economy, renew infrastructure, and restore dignity to the people of Ghana.