We cannot afford to go back - Adongo on protecting Ghana’s economic recovery

Isaac Adongo, Chairman of Parliament’s Finance Committee, has warned that Ghana cannot afford to reverse its economic gains through excessive spending, particularly during an election period.

Adongo said Ghanaians had made significant sacrifices during the country’s recent economic crisis and that the government had a responsibility to prevent a repeat of the hardship.

“We are very much aware that this country suffered multiple crises of credibility and confidence. And that hurt our country,” he said in an interview with Joy News at the IMF-World Bank meetings in Bangkok, Thailand.

He cited the debt exchange programme, high inflation and the depreciation of the cedi as examples of the costs borne by Ghanaians during the crisis.

Adongo recalled that inflation had reached between 50% and 54%, while the exchange rate had depreciated by about 54%, compounding the economic difficulties faced by households and investors.

“The people of Ghana have sacrificed enormously to be where we are,” he said.

He warned that the gains made so far could not be taken for granted and called for systems that would protect economic progress regardless of which political party was in power.

“The temptation to want to loosen the belt is what led us where we are,” Adongo said.

He added that Parliament would continue to scrutinise government decisions and support measures aimed at maintaining fiscal discipline.