–Says Forex Came from Ghana’s Gold, Not IMF Dollars
–Accuses NPP of “Jandam Economics” and Hypocrisy Over Budget Criticism
By Gifty Boatreng
In a blistering takedown on the floor of Parliament, Bolgatanga Central MP Isaac Adongo tore into the Minority caucus for what he described as “reckless misinformation” over Ghana’s foreign exchange strategy, accusing them of peddling falsehoods about the Bank of Ghana’s (BoG) alleged injection of US$10 billion to prop up the Cedi.
Adongo, a key figure in the Majority and a member of the BoG board, dismissed claims that the central bank was burning through reserves to stabilize the currency. Instead, he credited the windfall from the Domestic Gold Purchase Programme and booming cocoa exports for the surge in forex insisting that not a single dollar was borrowed or printed to fund the intervention.
“They say we pumped $10 billion into the market. But we met $8 billion in reserves and now we have nearly $12 billion. What kind of jandam analysis is that?” Adongo fired, ridiculing the Minority’s arithmetic.
The MP pointed to the newly formed Ghana Gold Company (GOLDBOD) and rising global commodity prices as the real drivers of the forex inflow. “Ghanaian miners are producing the gold. Cocoa farmers are delivering record yields. We’re selling it, bringing in the dollars, and using it to support importers—not to stash in people’s bedrooms,” he said, taking a veiled swipe at political opponents.
He accused the opposition of preferring to hoard forex for cronies rather than support legitimate trade. “Do you want us to give the dollars to Wontumi to keep in Kumasi?” he asked sarcastically.
Adongo didn’t stop there. He reminded the chamber that under the previous NPP administration, Ghana’s forex reserves had dwindled to less than two weeks’ worth of imports. “You left us with 0.8 months of reserves. Now we have $12 billion and you’re dazed,” he said.
He lambasted the NPP for borrowing US$3 billion annually from the Eurobond market and printing GH¢80 billion to plug budget holes. “You borrowed to throw kenkey parties. Now you’re crying over a budget that’s actually working,” he charged.
On the Minority’s criticism of the GH¢50 billion earmarked for interest payments in the 2026 budget, Adongo called out their “selective amnesia.” “In 2023, you approved GH¢115 billion for the same purpose. Now you’re shocked by a figure that’s 50% less? What kind of fiscal gymnastics is that?” he asked.
Adongo also addressed accusations that the government was irresponsibly drawing down loans. “These are your loans. You contracted them. We’re just using them for development. Or should we cancel them and let the projects rot?” he asked.
He accused the NPP of orchestrating Ghana’s economic collapse and then turning around to criticize the recovery. “You declared Ghana bankrupt, begged for a certificate of insolvency, and now you want to lecture us on economic management? Spare us the drama,” he said.
Adongo concluded by calling the 2026 budget a “good news budget,” insisting that the government’s strategy is working and that the Cedi’s stability is a direct result of smart, homegrown economic management not foreign handouts.
As the political temperature rises ahead of the next election cycle, Adongo’s fiery defense signals the Majority’s readiness to confront the opposition’s economic narrative head-on—with gold bars, cocoa beans, and a dose of sarcasm.