Omanghana
Member of Parliament for Tano North Dr. Gideon Boako has questioned Ghana’s ability to maintain economic stability following the conclusion of the country’s International Monetary Fund-supported program.
In a public statement issued on Monday, August 3, 2026, Boako declared that the economy was “naked again,” arguing that the government’s claims of resilience had failed their first major test outside the direct financial support of the IMF.
Boako, who serves as Deputy Ranking Member of Parliament’s Finance Committee, described the government’s economic recovery narrative as a “hoax” that did not reflect the daily experiences of households and businesses.
His comments followed the IMF’s completion of the final review of Ghana’s US$3 billion Extended Credit Facility programme. The country is now transitioning to a non-financing Policy Coordination Instrument designed to support continued reforms and policy monitoring.
The opposition lawmaker disputed the government’s claim that recent fiscal improvements reflected sustainable economic management.
According to him, the administration’s fiscal consolidation was achieved largely by restricting essential development expenditure rather than expanding the economy and strengthening domestic revenue generation.
He described the approach as “development suppression,” arguing that reducing expenditure on critical projects could create the appearance of fiscal discipline without addressing the country’s underlying economic weaknesses.
Boako maintained that genuine consolidation should be supported by sustained economic growth, improved productivity and stronger revenue mobilization.
He also argued that official fiscal figures could not provide a complete picture of the economy’s condition.
According to the Tano North MP, the real test of economic stability is the cost of living confronting ordinary citizens. He cited rising prices of fuel, food and basic commodities, including tomatoes, as evidence that households continue to experience serious financial pressure.
Boako said those price increases had exposed what he called the “skin of the economy” immediately after the conclusion of the IMF financing programme.
He warned that Ghana could remain vulnerable to external shocks and market volatility if the government failed to strengthen the foundations of the economy beyond the fiscal controls associated with the IMF arrangement.
The Ministry of Finance has presented a different assessment of the country’s economic outlook.
Government officials maintain that completing the Extended Credit Facility programme demonstrates Ghana’s progress in restoring macroeconomic stability and rebuilding confidence in the economy.
The ministry has pointed to stronger external buffers, declining inflation and the implementation of structural reforms as signs that the country is better positioned to manage its economic affairs.
Under the new 36-month Policy Coordination Instrument, Ghana will continue engaging the IMF on policy implementation without receiving direct financial support from the Fund.
The transition is expected to test whether the government can preserve fiscal discipline, maintain economic stability and finance development priorities without returning to the type of imbalances that led to the bailout program.
Source: Omanghana
