Hon. Isaac Adongo, Chairman of Parliament’s Finance Committee and Member of Parliament for Bolgatanga Central, has attributed Ghana’s recent economic stability to the strategic and disciplined policies implemented under former President John Dramani Mahama’s administration.

In a press statement released on Wednesday, Adongo strongly pushed back against recent assertions made by former Finance Minister Dr. Mohammed Amin Adam and NPP flagbearer Dr. Mahamudu Bawumia. The two had suggested that Ghana's improving macroeconomic environment was rooted in gold reserves accumulated during the tenure of the previous NPP government.

Adongo dismissed these claims as “disingenuous” and lacking evidence. According to him, the country’s improving fiscal indicators—ranging from reduced inflation to a stabilising currency—are not accidental, but rather the outcome of deliberate and sustained efforts under Mahama’s leadership.

“If gold reserves were the solution, why did the cedi depreciate to GHS17 per dollar in 2024 under the NPP’s watch, even with those same reserves?” Adongo questioned, highlighting that global challenges such as the Russia-Ukraine war have not subsided, yet Ghana’s economy is now on a more stable footing.

He credited the economic turnaround to a combination of strict fiscal discipline, sound monetary policy from the Bank of Ghana, and targeted structural reforms initiated by the Mahama-led administration.

Adongo further praised Mahama’s introduction of the GoldBod programme, an initiative he described as pivotal in curbing gold smuggling and boosting Ghana’s foreign exchange reserves. By formalising operations within the gold sector, the programme has significantly increased export revenues and strengthened the local currency, he said.

“This is a product of leadership, not luck,” Adongo stated. “We’ve seen deliberate steps—limiting government borrowing, increasing market transparency, and restoring investor confidence—that have all contributed to our current macroeconomic gains.”

He also pointed to falling interest rates, declining inflation, and a normalising yield curve as signs of economic healing, made possible through prudent management. Adongo highlighted Ghana’s recent sovereign credit rating upgrade by S&P Global as further validation of the Mahama administration’s fiscal credibility.

“S&P’s upgrade wasn’t based on stockpiled gold,” he noted. “It was driven by confidence in the current trajectory toward debt sustainability and responsible governance.”

The Bolgatanga Central MP took a swipe at the New Patriotic Party (NPP) for what he described as a habit of shifting blame during downturns while seeking credit during recoveries.

“They blamed COVID and geopolitical tensions when things went south. Now that the economy is bouncing back, they’re rushing to claim success,” Adongo remarked. “But Ghanaians know the truth—leadership makes the difference.”