I Handed a Stabilised Economy to Akufo-Addo- Mahama

Former President John Dramani Mahama has stated that President Nana Addo Dankwa Akufo-Addo inherited a healthy economy on January 7, 2017 after Ghanaians decided to bring in a new government.

At the time, he said the New Patriotic Party (NPP) government inherited a stable and promising energy sector, profit-raking state enterprises, booming cocoa sector, promising oil sector, stable currency and a favourable Central Bank balance.

These and more, according to the 2024 flagbearer of the opposition National Democratic Congress (NDC) made the NPP government the most favourable in the country’s history.

“This NPP government also took off with a stabilised economy and significant buffers and with enormous domestic and international goodwill. Indeed, this has been the most favoured government in our history. But, alas, the Ghanaian people’s favour has been repaid with pain and anguish.

“This government has received more revenue than all governments combined in the history of Ghana. And as the saying goes, to whom much is given, much is expected.”

But despite these, he asserted that they have run the economy aground, short-changing Ghanaians in the process.

He said their performance produced an all-time high inflation, depreciation of cedi, debt payment default, high unemployment rate and plunging countless Ghanaians below the poverty line.

“The scorecard of this administration has been abysmal. An inflation rate that went as high as 54% and is currently hovering above 20%. Ghana has one of the highest food inflation rates in Africa.

He continued, “Cocoa production has plummeted and for the first time in history, COCOBOD’s annual syndication, which was sought after by international banks, has no takers. Production volumes are down and COCOBOD is seeking to delay delivery of almost 350,000 tons to next year. COCOBOD has defaulted on almost GH¢13 billion in cocoa bonds.

“Oil and gas production has declined by 32% and debt to independent power producers has increased astronomically. The majority of SOEs are posting massive losses.”

Acknowledging the effect of the COVID-19 pandemic he indicated that unlike in many other countries, it was a blessing in disguise to Ghana as the country received “almost GH¢ 25 billion of inflows” however, he noted that “most of which was doled out to companies owned by family and relatives.”

Mr Mahama was speaking at the launch of the NDC’s manifesto.