Isaac Adongo, Chairman of Parliament’s Finance Committee and MP for Bolgatanga Central
Chairman of Parliament’s Finance Committee and MP for Bolgatanga Central, Isaac Adongo, has strongly refuted claims by former Finance Minister Dr Mohammed Amin Adam and NPP flagbearer Dr Mahamudu Bawumia that the country’s current macroeconomic stability is due to policies implemented by the previous administration.
In a detailed press statement released on Thursday, May 22, 2025, Adongo credited Ghana’s economic turnaround to President John Mahama’s “reset agenda” and prudent macroeconomic and fiscal management since assuming office in January.
Adongo described the NPP’s attempts to claim credit as “disingenuous” and “lacking legs,” questioning why the cedi traded at around GH¢17 to the dollar in 2024 under the very gold reserve policies they now boast of.
“If reserves alone can work this magic, why was the cedi hovering around GH¢17 to one US dollar in 2024 when the Bank of Ghana had the strong gold reserves they alluded to at the time Dr Bawumia was Head of the Economic Management Team and Dr Amin the Finance Minister?” he asked.
According to Adongo, the real drivers of economic stability include fiscal discipline, reduced government borrowing, enhanced transparency at the Bank of Ghana, improved export performance, and restored investor confidence, all championed by the current administration.
“The stability of the cedi reflects President Mahama’s government’s commitment to fiscal discipline, effective monetary policy implementation, and strategic economic interventions that engender confidence in the economy,” he noted.
He praised the implementation of the GoldBod initiative as a strategic innovation that is curbing gold smuggling and boosting foreign exchange earnings.
The Finance Committee Chair also highlighted Ghana’s recent credit rating upgrade by S&P Global as validation of the Mahama-led administration’s economic management:
“On May 9, S&P Global Ratings raised its long- and short-term foreign currency sovereign credit ratings on Ghana to ‘CCC+/C’ from ‘SD/SD’… citing growing confidence in the economy and its managers, declining debt metrics and a clear path to debt sustainability,” he stated.
Adongo was however emphatic that this progress was not coincidental but the result of “deliberate policy actions designed to create a stable macroeconomic environment,” including improved public financial management and reforms in state-owned enterprises.
“President Mahama is clear in what he wants and he is delivering that to the Ghanaian people, whom he has a pledge with. He will not be distracted by the distractions from people whose records are haircuts, obnoxious taxes and neck-breaking inflation rates,” the lawmaker affirmed.
He concluded by reminding the public of the NPP’s earlier justifications for economic hardships, noting that the same external factors, such as the Russia-Ukraine war, still persist, yet Ghana’s economy is recovering.
“This is a clear case of leadership is cause and all other things are effects,” Adongo asserted.
MA
