Isaac Adongo, the Chairman of Parliament’s Finance Committee, has warned that Ghana cannot afford to reverse its economic gains through excessive spending.
According to Isaac Adongo, Ghanaians had made significant sacrifices during the country’s recent economic crisis.
He argued that the government had a responsibility to prevent a repeat of the hardship. citing the debt exchange programme, high inflation and the depreciation of the cedi as examples of the costs borne by Ghanaians during the crisis.
Isaac Adongo further recalled that inflation had reached between 50% and 54%, while the exchange rate had depreciated by about 54%, intensifying the economic difficulties faced by households and investors.
Speaking in an interview with JoyNews at the IMF-World Bank meetings in Bangkok, Thailand, Isaac Adongo stated, “We are very much aware that this country suffered multiple crises of credibility and confidence. And that hurt our country”.
“The people of Ghana have sacrificed enormously to be where we are,” he said.
Isaac Adongo further warned that the gains made so far could not be taken for granted.
He further called for systems that would protect economic progress regardless of which political party was in power.
“The temptation to want to loosen the belt is what led us where we are,” Adongo said.
Meanwhile, Isaac Adongo disclosed that Parliament would continue to scrutinise government decisions and support measures aimed at maintaining fiscal discipline.
In related news, the International Monetary Fund (IMF) African Department Director, Zeine Zeidane, praised the country’s progress under the Extended Credit Facility (ECF).
The IMF also cited Ghana’s economic reform programme as an example for other countries to follow.
During a meeting on the sidelines of the ongoing IMF-World Bank Annual Meetings in Bangkok, Thailand, Zeine Zeidane told Finance Minister Dr Cassiel Ato Forson. “We tell others to follow your steps”.
He further commended Ghana’s performance under the programme, describing it as a success and acknowledging the government’s efforts to strengthen economic management.
“I want to first commend you on how you are performing. The ECF was a great success,” he said.
He further expressed a positive assessment of Ghana’s current economic position, declaring that “Ghana is in a very good place.”
Also, Dr Cassiel Ato Forson, Ghana’s Finance Minister, has expressed confidence that Ghana’s economy will outperform the International Monetary Fund’s revised growth forecast of 5.7% for 2026.
Ato Forson, reacting to the IMF’s upward revision from its April projection of 4.6%, stressed that the government remained committed to fiscal discipline and reforms supporting the country’s economic turnaround.
Ato Forson stated, “The IMF has upgraded Ghana’s 2026 growth forecast from 4.6% to 5.7%. We are confident we will exceed that projection”.
The IMF’s revision represents an increase of 1.1 percentage points in the Fund’s growth forecast.
Dr Forson stated, “In Bangkok, I met with the IMF’s African Department Director, Zeine Zeidane, and reaffirmed our commitment to the fiscal credibility, discipline and bold reforms powering Ghana’s economic turnaround,” he said.
@ghnow_ Nana Yaa and her mother are travelling to London to attend a fundraising event and visit selected autism centres. The visit will provide an opportunity to learn more about autism care, support and inclusion while exploring ways to improve the lives of children with autism and special needs. ❤️ #GHNow #fyp ♬ original sound – Nurse Shelly🩺💊💉🇺🇸🇬🇭
@ghnow_ Nana Yaa and her mother are travelling to London to attend a fundraising event and visit selected autism centres. The visit will provide an opportunity to learn more about autism care, support and inclusion while exploring ways to improve the lives of children with autism and special needs. ❤️ #GHNow #fyp ♬ original sound – BLACK MAN ✪
