Chairman of Parliament’s Finance Committee and Member of Parliament for Bolgatanga Central, Hon. Isaac Adongo, has attributed Ghana’s recent economic stability to the “bold reset agenda” and disciplined fiscal management under President John Dramani Mahama’s administration.
In a statement released on Wednesday, Adongo dismissed recent claims by former Finance Minister Dr. Mohammed Amin Adam and NPP 2024 flagbearer Dr. Mahamudu Bawumia that Ghana’s macroeconomic gains stem from gold reserves built under the former NPP government.
Describing the claims as “disingenuous” and “devoid of factual basis,” Adongo countered that the improved economic outlook is the direct result of deliberate and coordinated policy reforms initiated under President Mahama.
“If reserves alone were the answer, why was the cedi hovering around GHS17 to the dollar in 2024 when Dr. Bawumia and Dr. Amin were managing the economy with those same reserves?” he questioned.
Adongo credited the current macroeconomic gains to a triad of fiscal discipline, a credible monetary policy from the Bank of Ghana, and structural reforms aimed at restoring investor confidence and economic credibility.
“This is not a fluke,” he asserted. “We are seeing the results of President Mahama’s focused leadership — from reducing borrowing and stabilising the exchange rate to taming inflation.”
He highlighted the Mahama administration’s GoldBod programme, which formalises gold trade and combats smuggling, as a major factor boosting foreign exchange inflows and strengthening the cedi.
“We’ve shown how Ghana’s resources can be harnessed for macroeconomic stability. The results are clear: falling interest rates, easing inflation, and a normalising yield curve,” he said.
Adongo also referenced Ghana’s recent sovereign rating upgrade by S&P Global as an international endorsement of Mahama’s economic stewardship.
“S&P didn’t upgrade us because of gold reserves. They did so because they recognised a credible path to debt sustainability anchored in sound fiscal policies,” he stated.
In his concluding remarks, Adongo criticised the NPP for what he described as a pattern of deflecting blame during economic downturns while seeking credit during recoveries.
“When the economy was crashing, they blamed COVID and Ukraine. Now that it’s recovering, they want the applause. But Ghanaians can see through it. Leadership brought us here, not luck.”
Adongo reiterated that President Mahama remains committed to building a resilient economy grounded in integrity, transparency, and long-term vision — a contrast, he noted, to a legacy of “haircuts, obnoxious taxes, and neck-breaking inflation.”