IMF Programme, Not Economic Genius, Behind Ghana’s Gains – Dr Boako Fires Back
IMF Programme, Not Economic Genius, Behind Ghana's Gains – Dr Boako Fires Back
Ghanaian legislator Dr Gideon Boako has disputed claims by Finance Minister Dr Cassiel Ato Forson that the country's recent economic gains are solely the result of superior economic management. Dr Boako argues that the recovery has been driven by the IMF-supported programme and reforms initiated by the previous administration.
IMF Programme Behind Ghana's Economic Recovery
Speaking on JoyNews' Newsfile, Dr Boako stated that while the government deserves credit for maintaining some of the policies it inherited, it cannot claim exclusive responsibility for the country's improving macroeconomic indicators. "The decision not to change what you inherited is itself a decision," he said. "If it produces good results, it should be commended. But whatever has brought us here is multi-causal, not mono-causal."
Dr Boako cited the National Development Planning Commission's assessment of Ghana's IMF-supported programme, which attributed improvements to fiscal consolidation, expenditure rationalisation, monetary policy tightening, debt restructuring, reforms to restore confidence in the foreign exchange market, and measures to strengthen reserve accumulation.
Questioning the Durability of the Recovery
The MP also questioned the durability of the economic recovery, arguing that weak domestic revenue mobilisation remains a major concern. He noted that although the government had targeted an 18 per cent revenue-to-GDP ratio, it achieved only about 15.5 to 15.7 per cent in 2025, figures that remain below the level inherited by the current administration. Dr Boako further claimed that revenue shortfalls persisted into 2026, affecting major tax handles, including PAYE, corporate income tax, customs duties, and the Growth and Sustainability Levy.
Accusations of Understating Revenue Figures
Dr Boako also accused the Finance Minister of understating the 2026 revenue figures during the Mid-Year Budget Review. According to him, the budget appendices reveal a larger revenue challenge. "We need to ask ourselves whether we want to achieve impressive economic indicators at the expense of delivering roads, power, water, irrigation, industrial parks, and other essential services to the people," he said.
The IMF Programme and Ghana's Economic Future
The IMF programme has been instrumental in Ghana's economic recovery, and Dr Boako's comments reflect the complexities of the country's economic situation. While the government deserves credit for maintaining some of the policies it inherited, it is essential to acknowledge the foundation laid by the previous administration. As Ghana looks to the future, it is crucial to address the underlying issues that have hindered the country's revenue mobilisation. The government's ability to deliver essential services and infrastructure will be crucial in determining the sustainability of the economic recovery.
Source: Joy Online
