Professional Web Design

Former President Mahama denies leaving economic mess, highlights achievements

February 7, 2024
Former President Mahama denies leaving economic mess, highlights achievements
Former President John Mahama

Former President , the Flagbearer of the National Democratic Congress (), dismissed assertions by the New Patriotic Party () that his administration left an economic mess. Speaking at a town hall meeting in as part of his Building Ghana Tour, Mahama asserted that the economy he handed over to the NPP was stable and thriving.

Mahama refuted claims of economic mismanagement by presenting figures indicating a stable economy during his tenure. He stated that when he left office, the debt-to- (GDP) ratio was 57% , below the -recommended threshold of 60% for middle-income countries. However, he noted that the current debt-to-GDP ratio has exceeded 100% under the NPP.

Highlighting inflation rates, Mahama pointed out that inflation stood at 15.5% when he exited office but surged to 54% under the NPP government before decreasing to 30%. He also criticized the decline in cocoa production, citing a drop from 960,000 metric tonnes under the NDC to under 500,000 metric tonnes under the current administration.

Mahama emphasized the achievements of his administration, including securing a syndicated loan of 1.8 billion dollars at a 2% interest rate based on cocoa production value, compared to the current government's 800 million loan at an 8% interest rate. He also mentioned his government's contribution to the oil sector, stating that they provided two new oil fields to triple oil revenue, in contrast to the NDC's work with only one field, the Jubilee field.

Moreover, Mahama highlighted the establishment of the Stabilisation Fund and the Ghana Infrastructural Investment Fund during his tenure. He disclosed that each fund had substantial amounts, with $300 million in the Stabilisation Fund aiding the country during the pandemic and $270 million in the Ghana Infrastructural Investment Fund supporting projects like the hospital initiative.

In conclusion, Mahama disputed claims of leaving an economic mess, attributing such assertions to myths created by the NPP. He asserted that his administration's achievements and the stable economy he handed over contradict the narrative of economic mismanagement.

Latest from Politics