Former Deputy Minister of Finance, Abena Osei-Asare, has pushed back against President John Dramani Mahama’s State of the Nation Address (SONA), accusing him of misrepresenting Ghana’s economic progress under the previous New Patriotic Party (NPP) administration.
Reacting to Mahama’s claims of economic mismanagement, Ms. Osei-Asare, who is also the Member of Parliament for Atiwa East, argued that the president deliberately ignored the significant economic recovery efforts made by the NPP government before the transition of power.
She acknowledged that Ghana faced economic difficulties but insisted that the NPP administration had taken decisive measures to stabilize the economy. She cited the International Monetary Fund’s (IMF) positive assessment, highlighting that the financial sector had strengthened, depositors’ funds were secured, and economic indicators pointed to a recovery.
Ms. Osei-Asare questioned why President Mahama overlooked key economic improvements, including:
- A rise in banking sector assets from GH¢81.2 billion in 2016 to GH¢367.2 billion in 2024
- Private sector credit growth of 28.8% in 2024, compared to a contraction of 7.5% in 2023
- Gross International Reserves increasing from $5.9 billion in December 2023 to $7.7 billion in October 2024, ensuring 3.5 months of import cover
- A relatively controlled cedi depreciation from GH₵12.4/$ in December 2023 to GH₵14.50/$ in December 2024
She also emphasized that the NPP left behind resources to support the new government, including funds used for debt servicing, countering Mahama’s claims of an empty treasury.
Ms. Osei-Asare took issue with Mahama’s introduction of new social intervention programs without a clear funding strategy. She questioned how initiatives such as the Agriculture for Economic Transformation Agenda (AETA), Feed Ghana Programme, and One Million Coders Programme would be financed in a supposedly struggling economy.
“For a government that claims the economy is in ‘intensive care,’ one would expect responsible financial planning rather than ambitious spending proposals,” she argued.
She warned against repeating the mistakes of the 2015 IMF bailout, criticizing what she described as Mahama’s history of reckless spending and fiscal mismanagement.
On Mahama’s call for a National Economic Dialogue, Ms. Osei-Asare dismissed it as a political maneuver rather than a sincere effort to engage stakeholders.
“Governance requires decisive action, not endless committees and discussions. Instead of looking backward and assigning blame, the President should focus on implementing the policies he promised Ghanaians,” she stated.
Concluding her response, Ms. Osei-Asare called on President Mahama to prioritize forward-thinking solutions rather than dwelling on past administrations.
“This address was more about the past than the future. Ghana needs a leader with vision, not one obsessed with revisiting history,” she asserted.
She reaffirmed the NPP’s commitment to constructive engagement but urged Mahama to avoid misleading economic narratives and unsustainable policies.
“Ghana does not need more rhetoric—it needs strong leadership, a vibrant private sector, and policies that empower citizens. We must focus on the future,” she concluded.
