The Minority Caucus in Parliament has cautioned that what the government describes as economic stability under President John Dramani Mahama is largely “manufactured” and unsustainable.

In a statement issued during a civil society assessment of the administration, the Caucus argued that democracy must be anchored in “accountability, evidence, and truth” rather than “propaganda, symbolism, and headline management”.

The statement, signed by Frank Annoh-Dompreh, Minority Chief Whip, criticised the government’s handling of currency stability.

According to the Minority, the relative calm in the foreign exchange market has been achieved through “aggressive forex market intervention and depletion of Ghana’s hard-earned gold reserves.”

The Caucus warned that “stability achieved through reserve exhaustion is not success; it is deferred economic collapse”.

It further alleged that more than $10 billion was spent in 2025 alone on market interventions, raising concerns about the opportunity cost of depleted reserves.

The Minority also expressed alarm over suggestions that gold sourced from illegal mining operations could be entering the national value chain to support foreign exchange operations, describing the environmental and health implications as “a major source of worry”.

On inflation, the Caucus claimed that government measures had created “economic suffocation disguised as discipline.”

It cited the 2026 Budget’s admission that over GH¢60 billion had been withdrawn from circulation through sterilisation policies, arguing that such measures have suppressed liquidity, weakened credit markets, and constrained business growth. “Inflation control that destroys economic life is not discipline; it is economic suffocation,” the statement declared.

Concluding, the Minority insisted that governance must be grounded in structural reform and sustainability.

“Ghana cannot build its future on a currency peg sustained by structural economic weakening,” the statement read, adding that “stability without sustainability is deception; growth without structure is collapse in waiting”.