President John Mahama’s claim that Ghana’s economy has been “criminally mismanaged” under the Akufo-Addo administration has elicited strong reactions, particularly from the New Patriotic Party (NPP), which disputes this assertion. Richard Ahiagbah, the party’s Director of Communications, argues that economic indicators from the transition period tell a different story.
Ahiagbah points out that Ghana’s external reserves were at $9 billion at the end of 2024, compared to the $6.2 billion recorded in 2017 when the Akufo-Addo administration took office. He highlights positive economic recovery trends, noting GDP growth rates of 4.8%, 7%, and 7.2% in the first three quarters of 2024, with an annual projection of 6.3%. This performance, he emphasizes, exceeds the 3.4% growth recorded at the beginning of the previous administration’s tenure.
The NPP also cites a trade balance surplus, an improved current account, and a decrease in inflation from 54.1% in December 2022 to 22.1% by October 2024. Furthermore, the debt-to-GDP ratio reportedly declined from 79.2% in September 2024 to 74.6% in October, while the depreciation of the cedi has slowed.
Ahiagbah asserts that the Akufo-Addo government implemented tough but necessary measures, such as external debt restructuring that secured $2.86 billion in relief. He also points to increases in public sector wages-30% in 2023, with further increments planned for 2024-as efforts to alleviate economic burdens.
While acknowledging the economic challenges, particularly during the Domestic Debt Exchange Programme (DDEP), Ahiagbah rejects the notion of mismanagement, insisting that Ghana’s recovery process was well underway before Mahama’s return to power.
