Minority Caucus Warns Against ‘Artificial Stability’ in Mahama Administration’s Economic Narrative
The Minority Caucus in Parliament has issued a strongly worded statement cautioning that the economic stability touted by the John Dramani Mahama administration is largely “manufactured,” unsustainable, and achieved at the expense of Ghana’s long-term financial health.
The criticism came during a civil society assessment forum evaluating the government’s performance since taking office. In the statement, signed by Minority Chief Whip Frank Annoh-Dompreh, the opposition MPs argued that true democracy demands “accountability, evidence, and truth” rather than reliance on “propaganda, symbolism, and headline management.”
The Caucus focused particularly on currency stability, asserting that the relative calm in the foreign exchange market has been engineered through “aggressive forex market intervention and depletion of Ghana’s hard-earned gold reserves.” They warned that such an approach amounts to “deferred economic collapse” rather than genuine success.
According to the statement, more than $10 billion was reportedly spent in 2025 alone on market interventions, raising serious questions about the opportunity cost of rapidly depleting foreign reserves. The Minority further expressed alarm over unverified reports suggesting that gold sourced from illegal mining (galamsey) activities may be entering the national value chain to support foreign exchange operations. They described the environmental degradation, mercury pollution, and public health risks associated with galamsey as “a major source of worry” if such practices are indirectly bolstering official reserves.
On inflation control, the Caucus accused the government of creating “economic suffocation disguised as discipline.” They cited the 2026 Budget’s own admission that over GH¢60 billion had been withdrawn from circulation through sterilisation policies. The opposition argued that these measures have suppressed liquidity, weakened credit markets, stifled business growth, and constrained economic activity across sectors.
“Inflation control that destroys economic life is not discipline; it is economic suffocation,” the statement declared.
The Minority concluded by emphasising the need for structural reforms and genuine sustainability over short-term optics:
“Ghana cannot build its future on a currency peg sustained by structural economic weakening. Stability without sustainability is deception; growth without structure is collapse in waiting.”
The statement reflects deepening partisan tensions over economic management, with the Minority framing the government’s achievements as fragile and potentially harmful in the medium to long term. It comes amid ongoing debates about the cedi’s performance, inflation trends, reserve levels, and the broader impact of fiscal and monetary tightening policies implemented since the administration assumed office.
Government spokespersons and officials from the Ministry of Finance have yet to issue a formal response to the allegations as of February 20, 2026. The Bank of Ghana and the Ministry of Finance have previously defended recent interventions as necessary to restore confidence, curb speculative attacks on the cedi, and maintain macroeconomic stability following inherited challenges.
