The Chairman of Parliament’s Finance Committee, Hon. Isaac Adongo, has defended the ongoing macroeconomic interventions of President John Dramani Mahama’s administration, asserting that the Ghana cedi is now responding positively to coordinated fiscal and monetary discipline.
Addressing the issue, Hon. Adongo drew sharp contrasts between the current leadership and the past Akufo-Addo-Bawumia administration, stating emphatically that the days of erratic economic performance were behind the country.
“We’re telling it, ‘hey, we are in Ghana now. Akufo-Addo is gone. Bawumia is gone. It’s now Ato Forson and Mahama. And the cedi is beginning to say, ‘Yes sir!!! Yes sir!!!’”
Hon. Isaac Adongo, Chairman of Parliament’s Finance Committee
“We haven’t arrested the cedi,” Hon. Adongo stated, describing the recent appreciation of the cedi as the result of “massaging” it back to a realistic level, not by brute force, but through deliberate and intelligent collaboration between the Ministry of Finance and the Bank of Ghana.
Speaking with marked optimism, Hon. Adongo emphasized that under the current administration of President Mahama and Finance Minister Cassiel Ato Forson, the cedi is beginning to stabilize. He described the currency’s renewed performance as symbolic of a broader policy reset.
According to Hon. Adongo, this transformation is not accidental but the fruit of intentional, collaborative actions.
“It is a complementary effort from the Ministry of Finance and the Central Bank. The Central Bank is doing its bit. The Government of Ghana under the leadership of the Finance Minister is also doing its bit”
Hon. Isaac Adongo, Chairman of Parliament’s Finance Committee
Hon. Adongo acknowledged that the goal was not to engineer a sudden and unrealistic spike in the value of the cedi. “What we are looking for is stability,” he said, expressing the government’s intention of getting the cedi to reach a level that sustains “economic recovery.”
He confirmed that the cedi had appreciated from fifteen to twelve per dollar, describing this as part of a steady correction to match economic fundamentals.
Celebrating Decorated Monkey
Hon. Adongo sharply criticized the previous administration’s much-publicized “Gold for Oil” programme and foreign exchange policies, accusing them of prioritizing theatrics over real results.
Using vivid analogies, he likened the NPP’s approach to football showmanship without goals.
“They were behaving like Neymar – dribbling everybody and get to the pole then bringing the ball back to come and dribble everybody again. You know, it’s meaningless. It’s the results – they were meaningless”
Hon. Isaac Adongo, Chairman of Parliament’s Finance Committee
He questioned the logic of celebrating the procurement of gold without any visible impact on exchange rates or pump prices. “So they bought gold but what was the end result? That the cedi was around 17, 16 a dollar? Is that what they bought the gold for?”
In reference to the petroleum sector, he added: “We were buying one liter for fifteen, sixteen cedis. Now somebody has abolished the gold for oil yet he’s selling fuel to you at a reduced price and you are celebrating a decorated monkey called gold for oil?”
VAT Reform
Concerning the continued presence of the COVID-19 levy, Hon. Adongo denied suggestions of failure, insisting that reforms to the Value Added Tax regime were still underway.
“The COVID levy is being treated in a way that affects most of our taxes in relation to value added tax. We are doing a holistic review… whilst at the same time giving Ghanaians the relief that we promised them.”
Hon. Isaac Adongo, Chairman of Parliament’s Finance Committee
Pressed on whether the government had missed its own timeline, Hon. Adongo pushed back.
“No. I’m saying that the value added tax reform is ongoing. We want to make it better, wiser, and faster. By the end of the day, we will deliver a value added tax regime that is devoid of COVID levy, but much more robust”
Hon. Isaac Adongo, Chairman of Parliament’s Finance Committee
“We haven’t failed,” Hon. Adongo concluded, assuring that the new economic direction would prioritize practical results over mere promises.
As President Mahama’s government continues to adjust course, the signs of macroeconomic stabilization may signal the dawn of a more performance-driven era.
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