Member of Parliament for Akuapem North Constituency, Sammi Awuku, has issued a strong rebuttal to the National Democratic Congress (NDC), asserting that the recently concluded fourth review of Ghana’s IMF-supported programme has exposed the falsehoods surrounding the NDC’s economic claims.
Taking to Facebook, Mr Sammi Awuku stated: “The aftermath of the 4th review meeting between the IMF and the government of Ghana has put to rest, the false allegations by the NDC.”
According to him, the NDC had repeatedly asserted that Ghana’s economy was in ruins and accused the government of breaching the terms of the IMF programme.
However, the data presented by the IMF, Awuku argues, tells a different story.
IMF Endorses Ghana’s Recovery Efforts
The International Monetary Fund (IMF) has confirmed that it has reached a staff-level agreement with Ghanaian authorities following a detailed review between April 2 and April 15, 2025.
The review is part of Ghana’s ongoing engagement under the three-year Extended Credit Facility (ECF), which was approved in May 2023 to the tune of US$3 billion.
IMF Mission Chief for Ghana, Stéphane Roudet, highlighted that “growth in 2024 was higher than expected, underpinned by strong mining and construction activity.”
He noted that the country’s external sector had seen significant improvement due to strong gold exports and increased remittance inflows.
“As a result, international reserves accumulation has far exceeded the ECF-supported programme targets,” Roudet said.
This directly supports Mr. Awuku’s assertion that “Ghana’s economy grew by 5.7% in 2024, far above the projected 4%. That’s not just recovery, that’s resilience.”
He further celebrated Ghana’s bolstered external position: “Today, our international reserves sit at a remarkable $8.9 billion, the highest in recent years.”
Challenges Acknowledged
Despite these positive outcomes, the IMF team did acknowledge some setbacks.
According to Mr. Roudet, “overall performance under the IMF-supported programme deteriorated markedly at end-2024.”
He attributed this to fiscal slippages ahead of the 2024 elections and delays in key reforms in the financial, fiscal, and energy sectors.
However, the new administration, which took office in January 2025, has been credited with swiftly addressing these issues.
Roudet remarked: “The new authorities have taken bold measures to address policy slippages and ensure the programme objectives remain within reach.”
In response, Samuel Awuku emphasized that these achievements reflect the NPP’s ability to steer the economy through turbulent times:
“The Staff Level Agreement reached after the 4th review of the IMF programme is the result of tough strategic decisions made under the NPP’s watch.”
Debt Restructuring
On the subject of debt sustainability, the IMF confirmed that Ghana is making steady progress.
A Memorandum of Understanding has been signed with the Official Creditors Committee under the G20 Common Framework.
Discussions with commercial creditors are ongoing, with all parties reportedly engaging in good-faith negotiations to finalize a debt treatment plan aligned with programme goals.
Samuel Awuku took the opportunity to hit back at the government narrative: “While others spin tales of crisis and mismanagement, the facts keep pointing back to one truth: the NPP laid the groundwork for Ghana’s comeback—and the NPP will surely comeback better in 2028!”
Cooked Figures
In a separate development, members of the Minority Caucus have also challenged the NDC’s economic commentary.
According to them, the IMF review has vindicated their prior warnings about politically motivated claims and “cooked figures” intended to mislead the public.
Meanwhile, IMF staff acknowledged the open cooperation they received from Ghanaian authorities during the review, including meetings with Finance Minister Dr. Cassiel Ato Forson, Bank of Ghana Governor Dr. Johnson Pandit Asiama, and various stakeholders.
“The IMF team expresses its gratitude to the Ghanaian authorities and other counterparts for their continued open and constructive engagement,” the final statement noted.
–BY Daniel Bampoe
