Former Deputy Finance Minister and Member of Parliament for Nhyiaeso, Stephen Amoah, has defended the decision by the previous Akufo-Addo administration to seek support from the International Monetary Fund, attributing the move to the economic shocks caused by the COVID-19 pandemic and the Russia-Ukraine war.
His remarks follow the current NDC government’s announcement that Ghana is transitioning from the IMF-supported bailout programme to the Policy Coordination Instrument (PCI), signalling the country’s exit from the fund-supported programme.
Speaking on Accra-based Citi FM on Monday, May 18, 2026, Dr Amoah dismissed claims that Ghana’s economic difficulties were solely due to policy failures under the previous administration.
According to him, the economy had been performing strongly before global disruptions affected growth and fiscal stability.
“The severity that actually drove us to IMF was COVID and the Russian-Ukraine war because in the first three years we were growing averagely, our inflation rate was 7%, our reserves, everything,” he said.
He maintained that Ghana enjoyed relative macroeconomic stability before the crises and noted that the government implemented several social intervention programmes through what he described as prudent economic management.
“We were running one of the most enviable pro-poor policy as a result of prudent economic management, so we were doing well,” he stated.
Dr. Amoah further argued that Ghana’s economic challenges stem from long-standing structural weaknesses, including heavy dependence on imports and spending patterns that have persisted under successive governments.
He also insisted that the previous administration had already set the economy on a path toward fiscal discipline and consolidation before leaving office.