The Majority in Parliament has dismissed claims by the opposition New Patriotic Party (NPP) that the government's fiscal gains were achieved mainly through expenditure cuts. Sagnarigu MP Atta Issah stated that Ghana's improving economic indicators are backed by the International Monetary Fund (IMF) and reflect prudent fiscal management. He emphasized that the IMF has acknowledged Ghana's strong fiscal performance under the current administration. This rebuttal comes ahead of the 2026 Mid-Year Budget Review.
Mr. Issah's comments on Joy FM's Top Story on Wednesday, July 22, directly addressed statements made by NPP Policy Co-ordination Committee Chairman Kojo Oppong Nkrumah. Mr. Nkrumah had argued that the government achieved its fiscal surplus by compressing expenditure rather than improving revenue mobilization. Mr. Issah maintained that a fiscal balance simply represents the difference between government revenue and expenditure. He clarified that expenditure adjustments were necessary to protect deficit and primary balance targets after the government missed some revenue expectations. He stressed that critical sectors were protected despite these spending adjustments.
This debate highlights a key point of contention in Ghana's economic narrative, particularly as the country navigates its fiscal responsibilities and aims for sustained growth. The government's ability to manage its finances effectively is crucial for investor confidence and overall economic stability. The discussion around fiscal surpluses and expenditure control is central to Ghana's ongoing efforts to maintain macroeconomic stability and reduce its public debt burden. Ghana's economic performance is under constant scrutiny, both domestically and internationally, especially given its recent engagement with the IMF.
Mr. Issah further rejected suggestions that Ghana's transition from the IMF's Extended Credit Facility (ECF) to a Policy Coordination Instrument (PCI) indicates continued economic vulnerability. He explained that the PCI is a non-financing program designed for countries that have already restored macroeconomic stability. It aims to strengthen policy credibility rather than provide additional IMF funding. "You cannot join a PCI programme if you do not have a stable macroeconomic environment," he stated. "It signals policy credibility and sustained fiscal discipline."
Citing the IMF's latest assessment of Ghana's program, Mr. Issah noted that the Fund acknowledged a significant strengthening in fiscal performance. He added that the primary surplus had exceeded program targets. The IMF also attributed Ghana's economic progress to stronger tax administration, digitalization efforts, improved compliance, and expenditure controls. This comprehensive approach to fiscal management is vital for Ghana's long-term economic health and its ability to attract foreign investment.
Regarding the NPP's claim that recent economic growth has been driven largely by high gold prices, Mr. Atta Issah disagreed. He argued that non-oil growth remained strong, demonstrating broader economic expansion. "It is analytically incorrect to conclude that growth is solely because of gold," he said. "Non-oil growth remains robust, which shows that activity is not limited to the extractive sector." This indicates a more diversified economic base than the opposition suggests.
The Majority MP also dismissed concerns over differences between debt figures published by the Bank of Ghana and those projected by the IMF. He explained that such variations are common and arise from differences in accounting methodologies, debt coverage, and exchange rate assumptions. "The fact that the numbers differ does not mean one of them is false," he noted. "These are accounting and methodological differences that have existed over the years." This clarification is important for public understanding of complex financial data.
Mr. Atta Issah urged Ghanaians to place greater reliance on the IMF's assessment of the economy. He contrasted this with what he described as the Minority's interpretation of the data. His remarks precede Finance Minister Dr. Cassiel Ato Forson's presentation of the 2026 Mid-Year Budget Review. This review will provide an update on Ghana's fiscal performance, debt outlook, and economic growth. The upcoming budget review will be a critical moment for the government to present its economic strategy and performance to the nation.