Boako to Ato Forson: IMF Deserves the Applause, Not Economic Victory Lap

A fresh political battle has erupted over who deserves credit for Ghana’s improving economic indicators, with Tano North MP Dr Gideon Boako arguing that the country’s recovery is largely the product of reforms implemented under the IMF-supported programme rather than what he described as “superior economic management” by the current administration.

Speaking on JoyNews’ Newsfile on Saturday, Dr Boako dismissed Finance Minister Dr Cassiel Ato Forson’s suggestion that the recent macroeconomic turnaround was driven solely by the Mahama administration’s policy choices. Instead, he maintained that the recovery reflects reforms initiated before the change in government and anchored by Ghana’s IMF programme.

“The decision not to change what you inherited is itself a decision,” Dr Boako said, arguing that the current government deserves recognition for maintaining certain policies but cannot claim exclusive ownership of the results.

He described attempts to attribute the gains solely to the current administration as “attribution bias,” insisting that Ghana’s economic improvement is the outcome of multiple policy interventions rather than a single government’s actions.

Backing his argument, Dr Boako cited the National Development Planning Commission’s assessment of Ghana’s IMF programme, which credited the recovery to a combination of fiscal consolidation, expenditure rationalisation, tighter monetary policy, debt restructuring, foreign exchange market reforms and efforts to rebuild international reserves.

Beyond the debate over credit, the lawmaker questioned the sustainability of the recovery, warning that weak domestic revenue mobilisation remains a significant vulnerability.

He argued that government revenue performance continues to lag expectations, noting that the revenue-to-GDP ratio in 2025 fell short of the 18% target and remained below the level inherited by the current administration. According to him, revenue weaknesses have persisted into 2026, affecting major tax streams including PAYE, corporate income tax, customs duties and the Growth and Sustainability Levy.

Dr Boako further alleged that the Mid-Year Budget Review understated the extent of the revenue shortfall, saying detailed budget appendices point to a deeper fiscal challenge than publicly acknowledged.

He warned that lower-than-expected revenue collections are already constraining government spending, potentially limiting investment in critical infrastructure such as roads, electricity, water systems, irrigation projects and industrial parks.

The remarks deepen the growing dispute between government and opposition over the drivers of Ghana’s improving macroeconomic outlook, even as the country prepares to conclude its IMF-supported programme. The debate is expected to shape public discourse on fiscal policy, economic stewardship and the government’s post-IMF strategy in the months ahead.