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The Minority in Parliament has described President John Dramani Mahama’s first year in office as an economic “relapse rather than a reset,” accusing the government of masking deep structural problems with propaganda and short-term gains.
Addressing a press conference in Accra on Thursday, the Minority said claims of economic recovery, including improved GDP growth, reduced inflation and cedi appreciation, failed to reflect the lived realities of Ghanaians. According to the group, much of the reported stability was inherited from policies implemented before the change of government and supported by external factors such as the IMF programme and a global gold price boom.
The Minority particularly questioned the sustainability of a reported over 40 per cent appreciation of the cedi, warning that such rapid gains could undermine exporters, farmers and local manufacturers. They argued that the government appeared more focused on optics than long-term economic competitiveness and resilience.
Central to the Minority’s critique was what it described as a $214 million loss under the Gold-for-Reserves programme. The group cited IMF findings which, it said, pointed to serious losses linked to gold trading operations managed under the current administration. The Minority alleged that a previously functioning programme had been politicised and expanded recklessly after President Mahama’s return to power.
They further accused GoldBod and the Bank of Ghana of engaging in “financial misdirection” by conflating operational revenues with programme performance. According to the Minority, claims of surpluses based on agency fees failed to address losses recorded in the core gold trading activities identified by the IMF.
Beyond macroeconomic concerns, the Minority highlighted the plight of farmers, particularly rice and tomato producers, who they said were left without adequate storage, processing or market support. They argued that while millions of dollars were allegedly lost in gold trading, farmers were forced to protest before receiving government attention.
The Minority also raised concerns about national security, pointing to rising cases of armed robbery, kidnappings and communal violence across parts of the country. They warned that worsening insecurity, combined with unemployment and what they described as selective accountability, posed a broader governance challenge.
The group called on Parliament to establish bipartisan committees to investigate the alleged gold trading losses and related contracts, insisting that transparency and accountability were essential to restoring public confidence. “Ghanaians deserve facts, not slogans,” the Minority said, adding that it would continue to demand oversight and reforms in the national interest.
