Communications Director for the opposition New Patriotic Party (NPP), Richard Ahiagbah, has rejected claims that the economy of Ghana has been criminally handled.
President John Dramani Mahama, during his meeting with organized labour to discuss the base salary among others said although he knew that Ghana’s economy was in distress, he has come to know that the economy was criminally handled by the previous government.
But reacting to the president’s claims, Ahiagbah, who speaks for the opposition political party, acknowledged that Ghana faced some challenges.
However, the economy was never mismanaged as the current president wants the people of Ghana to believe.
“We certainly endured some hard times, especially the difficult but necessary DDEP, owing to the difficulties we faced battling COVID-19 and its aftermath. We lost most Ghanaians during this time, but not because we mismanaged the economy,” he said.
To him, the New Patriotic Party (NPP) under the leadership of Nana Addo Dankwa Akufo-Addo did better and the Ghanaian people will appreciate their work with time.
Read His Post Below:
Good afternoon, Ghana
On President Mahama’s comment that Ghana’s economy has been criminally handled, Ghanaians should note the following:
- Nothing could be further from the truth. President Mahama inherited an economy where:
a. The gross international reserve stood at about $9 billion, more than the $6.2 billion. That’s equivalent to 4 months of import cover compared with the 3.5 months of import cover President Akufo-Addo inherited from Mahama in 2017.
b. Economic growth returned to pre-COVID levels with progressive growth in the first three quarters of 2024, namely 4.8%, 7%, and 7.2%, respectively. Growth for 2024 is projected to be 6.3% higher than the 3.4% President Akufo-Addo inherited from President Mahama in 2017.
c. The current account balance improved to a surplus of 2.6% of GDP, compared to the deficit of 6.6% of GDP President Akufo-Addo inherited from President Mahama in 2017.
d. The trade balance was a surplus of $3.85 billion, compared to the $1.8 billion deficit President Akufo-Addo inherited from President Mahama in 2017.
- Ghana achieved macro stability, with all economic indicators trending positive from 2023 until we left office. Inflation dropped from 54.1% in December 2022 to 22.1% in October 2024, a more than 50% drop, and external reserves improved to $9 billion. The debt-to-GDP ratio dropped from 79.2% in September to 74.6% in October 2024, and the depreciation of the Cedi slowed from a high of 30% in 2022 to 19% in 2024, according to the BoG.
- In particular, the external debt restructuring resulted in a $2.86 billion debt relief, of which the government will access about $657 million this fiscal year.
- On the back of the stabilizing economy, the Akufo-Addo-Bawumia Administration increased public sector workers’ base pay by:
-30% in 2023;
-23% from January to June 2024;
-25% from July to December 2024.
Ghana, is this an economy that can be described as having been mishandled?
We certainly endured some hard times, especially the difficult but necessary DDEP, owing to the difficulties we faced battling COVID-19 and its aftermath. We lost most Ghanaians during this time, but not because we mismanaged the economy
In time, Ghana will appreciate the difference between the talkers and the doers…
Kukrudu…..
The post NPP&NDC: Ghanaians will appreciate the difference btn talkers and doers very soon—Ahiagbah appeared first on MyNewsGh.
