Former Sekondi Member of Parliament and former Minister for Tourism, Arts and Culture, Andrew Egyapa Mercer, has credited the administration of former President Nana Addo Dankwa Akufo-Addo with laying the foundation for Ghana’s successful completion of the International Monetary Fund (IMF) Extended Credit Facility programme.
In a Facebook post on Tuesday, July 28, Mr Mercer argued that while the current Finance Minister, Dr Cassiel Ato Forson, deserved recognition for guiding the final phase of the programme to completion, the groundwork for Ghana’s recovery was the result of difficult decisions taken earlier.
He noted that when President Akufo-Addo assumed office in 2017, Ghana’s economy was already facing significant challenges, including rising debt levels, fiscal pressures and slowing growth, but reforms implemented by the government helped restore growth, reduce inflation and rebuild investor confidence before the COVID-19 pandemic disrupted global economies.
Mr Mercer said the government’s decision during the pandemic to prioritise saving lives and supporting households and businesses came with significant economic costs, including increased deficits and debt pressures.
He argued that subsequent global shocks, including the Russia-Ukraine war and supply chain disruptions, further worsened the economic situation, pushing inflation to a peak of 54.1 per cent in 2022 and forcing Ghana to seek a US$3 billion IMF programme.
According to him, the programme required difficult measures, including debt restructuring and fiscal consolidation, but prevented a deeper economic crisis.
“IMF programmes are not single events—they are cumulative processes built on years of policy decisions, many of them difficult and politically costly,” Mr Mercer wrote.
He added that while the current administration deserved credit for successfully completing the IMF programme, history must acknowledge the role of earlier policy decisions and sacrifices that helped place the country on the path to recovery.
