Minister for Local Government, Chieftaincy, and Religious Affairs, Ahmed Ibrahim, declared that rating agencies have vindicated the government, praising the 2026 Budget Statement and Economic Policy for confirming Ghana’s economic turnaround under the Mahama-led administration.
The Banda MP stated that upgrades from major international rating agencies, including Moody’s, Standard & Poor’s (S&P), and Fitch Solutions, demonstrate that Ghana’s economic fundamentals have significantly improved following years of instability under the previous government.
“President Akufo-Addo cried that Moody’s and S&P were biased. But we have not changed the examiners. The same examiners have upgraded us. What you couldn’t do, we have done,” he told Parliament last Friday while contributing to the budget debate.
Also read: Dominic Nitiwul: 2026 Budget built on sand, unrealistic and a serious security threat
Ahmed Ibrahim described the 2026 Budget as the best he has seen in 17 years in Parliament, asserting that the NDC government had restored macroeconomic stability and reversed the decline inherited from the NPP.
“Mr Speaker, the 2026 budget statement is the best in my 17-year stay in this House. There is no controversy about this,” he insisted.
Citing the 2011 Budget under the late President Prof. J.E.A. Mills and then-Vice President John Mahama, the Minister noted that Ghana met three out of four ECOWAS primary convergence criteria that year for the first time.
He said, “What we could not achieve from 2000, the NDC did in 2011. What eluded us for nine years, we achieved in 2011.”
Referring to page 9, paragraph 45 of the 2026 Budget, Ahmed Ibrahim highlighted Ghana’s improved performance by the third quarter of 2025.
He announced that Ghana had met five out of the six ECOWAS convergence criteria, a major improvement from 2024.
The achieved indicators include: Budget deficit: 3% (below the 3% threshold); Zero central bank financing; Gross external reserves: 8 months of import cover; Exchange rate stability: within the 10% band; Public debt: 69% of GDP (below 70% threshold); and Inflation—averaging 18.5%—was the only unmet requirement.
“If we achieved five out of six, and you couldn’t do it, then between us and you, who are the best managers of the economy? The case is settled,” he stated.
In a pointed remark directed at the NPP side, Ahmed Ibrahim accused them of lacking confidence in their Finance Minister.
“Even you cannot see your finance minister to bring you your results. Where are they? But we are here with our results,” he said.
The Minister stressed that the 2026 Budget signals a strong return to fiscal discipline, prudent monetary policy, and renewed international confidence, as evidenced by the credit rating upgrades.
He insisted that the data, both domestic and international, clearly show the Mahama administration is steering Ghana back to stability.