Finance Committee to summon Finance Minister

A member of Ghana’s Parliament who serves on the Finance Committee is calling for serious answers from the government about how it plans to protect and grow the country’s economy.

Hon. Isaac Yaw Boamah-Nyarko, the Member of Parliament for Effia Constituency, has revealed that Parliament will soon summon the Minister for Finance to come and explain the government’s long-term strategy to protect the recent economic gains Ghana has made and to build stronger financial support systems for the future.

Speaking during an interview on JoyNews’ PM Express on the evening of Monday, May 26, 2025, Mr. Boamah-Nyarko did not mince words. He said clearly that if the government fails to present a proper and clear plan, Ghana could lose all the progress it is currently enjoying in the economy.

“We are going back to Parliament tomorrow, and one of the things we want to do is ask the Finance Minister to come and explain to us the government’s strategy. All we want to know is what the government is doing to make sure these economic gains are not just temporary. We want to build buffers — some kind of protection — so that when the economy faces another tough time, we won’t suffer too much,” the Effia MP said.

He added that even though the country seems to be enjoying some good economic news at the moment, it should not lead to complacency. According to him, this is not the time for the government to relax or begin to celebrate.

“Ghana Is Quick to Celebrate, But Slow to Plan”

The Effia MP criticised how successive governments in Ghana have behaved in the past whenever there is a little economic improvement.

“I always say that as a country, we are too quick to take praise when things are going well. But we are not good at planning properly. We don’t put in strong systems that can make the progress last for years. We always enjoy short-term success and forget to think about tomorrow,” he said.

He recalled how the COVID-19 pandemic exposed Ghana’s economic weaknesses, saying that many Ghanaians now understand how fragile the economy really is.

“When COVID hit Ghana, we all saw the reality. The whole country struggled. It was like a mirror showing us that our fundamentals — the core strength of our economy — were weak. We can’t ignore those lessons,” he pointed out.

Serious Concerns Over Ghana’s Gold Reserves

One major concern Mr. Boamah-Nyarko raised was about Ghana’s gold reserves, which he believes are not being managed properly. He gave worrying figures about how Ghana is using or selling its gold without properly adding to the national reserves.

“At the end of December, Ghana’s gold reserve was around 30 tonnes. But just five months later, we had sold almost 20 tonnes. And yet, we have added less than 1 tonne to the reserve. How does that make sense?” he asked.

He expressed worry that Ghana’s current strategy may be over-relying on the fact that gold and cocoa prices are currently high in the global market. But according to him, that situation will not last forever.

“We are enjoying good prices now, yes. But let’s not fool ourselves. Gold prices will not always be this high. Cocoa prices won’t always go up. We must prepare for the future. What happens if these prices fall? What’s our plan?” he quizzed.

The Plan to Strengthen the Cedi?

The Member of Parliament also touched on another major concern — the stability of the Ghanaian cedi.

He acknowledged that some progress has been made in controlling the fall of the cedi, but insisted that government must be very intentional about protecting the currency going forward.

“If we say we want to use these good times — like this current period of good rainfall and production — to help bring the cedi down (make it more stable), that’s fine. But even as we do that, we must make sure we are building up our reserves. Otherwise, all the gains we are seeing now will be wiped away the next time there is a global or local crisis,” he said.

To drive home his point, he compared Ghana’s gold reserves with some of the big economies in the world.

“The United States has over 8,000 tonnes of gold in reserves. The UK has more than 2,000 tonnes. We in Ghana are struggling with just 30 tonnes, and we are even reducing it. How can we call this a serious economic strategy?” he lamented.

Parliament Demands More Than Sweet Words

Mr. Boamah-Nyarko insisted that Parliament is not going to accept temporary fixes or sweet-talking from government officials this time around. He said the Finance Minister must come with detailed plans — not just vague promises or nice speeches.

“All we want are real answers, not just nice words. The committee is asking the vice president, who is also the head of the Economic Management Team, to come out and tell Ghanaians exactly what structures they are putting in place. We don’t want this economic improvement to be another nine-day wonder,” he said.

He stressed that the people of Ghana deserve to know how the government will handle external shocks, how they will support the local industries, how they will manage debt, and how they will prevent another return to the International Monetary Fund (IMF) or similar institutions in the future.

A Call for Sustainable Economic Planning

In wrapping up his remarks, the Effia MP reminded the government that economic stability is not just about figures or temporary trends. He said Ghana needs bold and smart planning that can last for years, no matter which political party is in power.

“Economic management is not only about surviving today. It’s about preparing for tomorrow and the next 10 years. We need to build strong foundations now, so that even if another crisis comes, Ghana can stand strong,” he concluded.

Final Thoughts

Ghana’s economy has been through a lot in recent years — from currency depreciation, rising inflation, and IMF bailouts, to high youth unemployment and public debt. Now, with global gold and cocoa prices supporting some level of recovery, many are hoping that the country can turn the corner for good.

But as Hon. Isaac Yaw Boamah-Nyarko rightly points out, hope alone is not enough. Ghana needs a detailed, well-thought-out, and disciplined plan that ensures the economy is not only growing today but is protected for the future. And that plan, according to him, must come with full transparency, proper stakeholder engagement, and clear timelines.

Ghanaians are watching. Parliament is watching. And the Finance Minister — along with the Vice President — must now show that they truly have the country’s long-term interests at heart.