The NPP Minority caucus has accused President Mahama of propagandizing the economic situation in Ghana during his SONA. Former Finance Minister Dr. Mohammed Amin Adam outlined that, despite certain challenges, Ghana’s economic indicators such as GDP growth and trade balance show recovery and resilience. He criticized the focus on inflation while neglecting other key performance metrics, asserting a need for a well-rounded perspective on the economy.
The Minority caucus of the New Patriotic Party (NPP) has accused President John Dramani Mahama of engaging in propaganda regarding Ghana’s economy during his recent State of the Nation Address (SONA). Dr. Mohammed Amin Adam, the former Minister of Finance, emphasized that a more accurate representation would have acknowledged the economic challenges faced in 2022 and the subsequent improvements resulting from the NPP government’s policies, which are also endorsed by the IMF.
During a press conference on March 3, 2025, Dr. Amin Adam criticized President Mahama for focusing on negative aspects of the economy, specifically a headline inflation rate of 23.8% that surpassed the IMF target of 18%. He argued that considering the unprecedented inflation caused by global crises, a rate of 23% marks a significant achievement in terms of disinflation over the past year.
Dr. Amin Adam further contended that while the inflation target for December 2024 set by the IMF is slightly above the programmed level, such deviations are common in uncertain economic conditions. He highlighted that President Mahama’s government previously deviated from its inflation targets, suggesting that the criticisms leveled by him are hypocritical.
The former Finance Minister also pointed out that President Mahama neglected to mention other critical indicators of economic performance such as Real GDP growth and the trade balance. He noted that Ghana’s GDP growth for the first three quarters of 2024 stood impressively at 6.4%, significantly surpassing the IMF’s expectations and the previous government’s performance.
Furthermore, Dr. Amin Adam mentioned that Ghana has maintained a trade surplus since 2017 and ended 2024 with a surplus of 5.9% of GDP, contrasting with the deficit incurred during President Mahama’s tenure. He emphasized the positive development in the current account balance, which has experienced surpluses rarely seen in the country’s recent history, reflecting a robust external payments position.
Highlighting the strength of Ghana’s international reserves, he pointed out that the Bank of Ghana achieved a record $8.9 billion, which provides four months of import cover, in contrast to the lower reserves at the end of Mahama’s administration. Ultimately, Dr. Amin Adam asserted that the real state of Ghana’s economy reflects strong growth and resilience, challenging President Mahama’s negative portrayal of the economic situation.
In summary, the NPP Minority caucus critiques President Mahama for his portrayal of the economy, asserting that it is based on propaganda rather than facts. They highlight the positive indicators of economic growth, trade surplus, and robust reserves that reflect a resilient economy. The former Minister of Finance calls for a more balanced understanding of the economic situation, emphasizing the importance of acknowledging both challenges and achievements.
Original Source: www.gbcghanaonline.com
