Accra, Ghana — The Member of Parliament for Ofoase-Ayirebi and Ranking Member on Parliament’s Economy and Development Committee, Kojo Oppong Nkrumah, has questioned government’s celebration of Ghana’s completion of the IMF Extended Credit Facility (ECF) programme, arguing that economic stability means little if it does not translate into jobs and improved living conditions for ordinary citizens.
Contributing to a debate on the floor of Parliament on Tuesday, June 2, following a statement by the Finance Minister on Ghana’s economic outlook, Oppong Nkrumah criticized what he described as a government narrative focused heavily on macroeconomic indicators while ignoring the daily realities confronting Ghanaians — particularly youth unemployment and the rising cost of living.
He began by faulting the Finance Ministry for departing from parliamentary convention, noting that the Minority had not been furnished with a courtesy copy of the Minister’s statement ahead of the debate. According to him, such practice allows both sides of the House to prepare adequately and contribute meaningfully.
Turning to substance, Oppong Nkrumah challenged claims that Ghana had “exited the IMF,” insisting that such descriptions were misleading. He explained that Ghana remains a member of the Fund and had merely completed the ECF programme entered into in 2023. He added that government is now pursuing another IMF-supported arrangement, the Policy Coordination Instrument (PCI), and must be candid with citizens about the nature of this new programme.
“The numbers that the Ghanaian people are watching in their day-to-day lives are actually getting worse,” Oppong Nkrumah told Parliament, stressing that jobs and the cost of living dominate public concerns.
Citing data from the Ghana Statistical Service’s Quarterly Labour Force Survey (Q3 2025), he revealed that youth unemployment among those aged 15–24 stood at 32 percent in December 2024 but rose to 32.5 percent by September 2025. In Greater Accra, he said, youth unemployment had reached 49.3 percent, meaning nearly one in two young people in the region is jobless. He further noted that seven out of every ten unemployed persons nationwide are below the age of 35.
Oppong Nkrumah argued that while macroeconomic stability indicators may show improvement, the lack of jobs means many young people are unable to experience the benefits being highlighted by government. He also challenged the government’s interpretation of inflation data, noting that while headline inflation has declined, services inflation remains high, with rents, electricity tariffs, and essential service charges continuing to burden households.
On fiscal policy, he questioned government claims of tax reliefs, pointing out that while some levies have been abolished, Parliament has also approved several new revenue measures. He argued that despite these taxes, government has struggled to meet its revenue-to-GDP targets, undermining claims of fiscal discipline.
Oppong Nkrumah concluded that the true measure of economic performance lies not in statistical reports but in employment opportunities, household incomes, and the affordability of essential goods and services. He warned that unless stability translates into jobs, Ghana’s youth will remain excluded from the supposed gains of the IMF-backed programme.
