Parliament’s Economy Committee Raises Alarm over 2024 Indicators, Demands Fiscal Fixes

Parliament’s Committee on Economy and Development has raised alarm over Ghana’s 2024 macroeconomic performance, warning that rising debt levels and weak microeconomic indicators threaten the country’s recovery prospects unless urgent corrective measures are taken.

At a public hearing on the 2024 Annual Progress Report, Chairman of the Committee, Hon. Eric Afful, said the debt-to-GDP ratio and unstable microeconomic fundamentals reviewed in the report were “cause for concern” and required decisive policy action.

“The indicators before us show that while there have been some gains, the microeconomic stability we need and the debt sustainability path are not where they should be,” Hon. Afful told officials from the Ministry of Finance, the National Development Planning Commission, and the Ghana Statistical Service.

Deputy Finance Minister Hon. Thomas Ampem Nyarko, who led the Ministry’s delegation, assured the Committee that the government is implementing a mix of fiscal consolidation, revenue mobilisation, and expenditure controls to stabilise the economy and bring debt back to sustainable levels.

Dr Nii Moi Thompson, Director-General of the National Development Planning Commission, and Dr Alhassan Iddrisu, Government Statistician, also took turns to explain trends in growth, inflation, and public debt captured in the 2024 report.

The Committee members pressed the agencies on delays in key development projects, weak revenue performance, and the impact of global shocks on local microeconomic conditions.

They urged the Ministry of Finance and NDPC to align budget execution more closely with the national development framework to deliver tangible relief to citizens.

Story by Hajara Fuseini

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