The NPP Minority caucus criticized President Mahama for propagandizing the state of Ghana’s economy in his SONA. Dr. Amin Adam claimed Mahama overlooked the achievements of the NPP government while focusing on negative aspects, such as inflation. He highlighted significant economic indicators that suggest a more favorable outlook, including GDP growth and improved trade balances, arguing that the current economic state demonstrates resilience and progress.
The New Patriotic Party (NPP) Minority caucus has accused President John Dramani Mahama of engaging in propaganda regarding the state of Ghana’s economy during his recent State of the Nation Address (SONA). At a press conference held on March 3, 2025, former Minister of Finance, Dr. Mohammed Amin Adam, criticized the President for failing to acknowledge the economic challenges faced in 2022 and the subsequent improvements brought about by the policies of the NPP government, in collaboration with the IMF.
Dr. Amin Adam emphasized that a true acknowledgment of these issues would have fostered a national consensus to support the government’s efforts in economic recovery. Instead, he asserted that President Mahama’s speech perpetuated a misleading narrative, indicating that such tactics would ultimately harm his credibility. Furthermore, he referenced the inflation rate, noting that while Mahama criticized an inflation rate of 23.8% as poor performance, it was a marked decrease from the 54% inflation experienced at the end of 2022 due to external crises, such as the COVID-19 pandemic and the Russia-Ukraine war.
He pointed out that compared to historical data, the current inflation rate should be viewed less negatively. Dr. Amin Adam argued that minor deviations from inflation targets can be common in uncertain economic climates, and referred back to Mahama’s own administration, which deviated significantly from its inflation targets in 2016.
Additionally, he highlighted that an assessment of the economy requires more metrics than just inflation, citing real GDP growth, trade, current account balances, and international reserves. The projected average GDP growth rate for 2024 was 6.4%, also surpassing the IMF’s expectation of 4%. In comparison, Mahama’s previous administration saw significantly lower growth rates.
Furthermore, Dr. Amin Adam stated that the trade balance and current account have shown notable improvements, maintaining a surplus trend since 2017. He noted that the performance of these economic indicators is a testament to the current government’s effective management. Importantly, he underscored that the International reserves had reached $8.9 billion, demonstrating the country’s economic resilience against shocks, contrasting with the reserves left by Mahama’s administration.
In summary, the NPP Minority caucus contends that President Mahama’s portrayal of Ghana’s economic condition during his SONA is misleading. They argue that significant indicators, including GDP growth and trade balances, demonstrate a robust economic recovery. Additionally, the former Minister emphasized the importance of a comprehensive assessment beyond inflation alone. Thus, the true state of the Ghanaian economy reflects resilience and ongoing growth despite previous challenges.
Original Source: www.gbcghanaonline.com
