Chairman of Parliament’s Finance Committee, Isaac Adongo, has criticised the previous administration for its handling of Ghana’s economy.
He says handlers of the economy managed the country as if there was an endless supply of money, spending recklessly without regard for the national purse.
Speaking during the debate on the 2026 Budget Statement and Economic Policy of the Government in Parliament on Friday, November 28, 2025, Adongo noted that the erstwhile leadership’s recklessness had left the country with significant fiscal and external vulnerabilities, before the new government took over.
“The country was faced with significant fiscal and external vulnerabilities. We had an economy where for so many years, we were running this economy as if there was free money from people, so we were not cutting our coats according to our size,” he stated.
Adongo emphasised that the previous government’s actions had severe consequences on the well being of the state, including a lack of reserves to run the economy, with what was available only lasting for less than two weeks.
He commended the current administration for inheriting a bad economy and managing it to its current state in less than a year, making sure that the nation can now boast of indices that indicates the economy is now in better hands.
“The external vulnerabilities we experienced meant that, at some point, this country had reserves that could last for 0.8 months, less than two weeks of reserves to manage this economy. We just didn’t have the external reserves to import critical essential drugs just to keep us alive,” he asserted.
Adongo’s comments come as global agencies, including economists, have predicted Ghana’s economy to see growth, with the Bank of Ghana reducing the policy rate to support businesses.
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Inflation is also expected to decrease, given the central bank’s trajectory to boost business confidence and reduce the cost of living. The Bank’s efforts are expected to have a positive impact on the economy, making it easier for businesses to access credit and create jobs.
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The current administration’s efforts to stabilise the economy are seen as a step in the right direction, with Adongo’s comments highlighting the challenges that the government has faced in addressing the economic legacy of the previous administration.
Meanwhile, President John Dramani Mahama has promised that the Bank of Ghana will be given the needed independence to operate without government interference.
Gov’t committed to safeguarding Bank of Ghana’s independence – Prez Mahama
