Former Minister of State at the Finance Ministry, Abena Osei-Asare
Former Minister of State at the Finance Ministry, Abena Osei-Asare, has questioned the feasibility of President John Mahama’s ambitious social intervention programs, arguing that they lack a clear funding strategy despite his own grim assessment of the economy.
Speaking in response to Mahama’s State of the Nation Address (SONA), the Atiwa East MP criticized what she described as contradictions in the President’s message.
“It is ironic that President Mahama describes Ghana’s economy as being in an intensive care unit (ICU), yet he is announcing massive new social programmes without explaining how they will be financed,” she said.
Osei-Asare acknowledged the economic challenges faced by the New Patriotic Party (NPP) government but insisted that decisive policies had been implemented to stabilize the country before Mahama took office.
She highlighted improvements in the financial sector, a rise in private sector credit, and strengthened foreign reserves as signs of recovery under the previous administration.
“The financial sector today is in a far stronger position than it was in 2016,” she noted.
“By October 2024, total banking sector assets had grown from GH¢81.2 billion in 2016 to GH¢367.2 billion. Private sector credit also saw an increase of 28.8% in 2024, compared to a negative growth of 7.5% in 2023.”
She accused the President of exaggerating economic difficulties to justify expansive spending and warned that his policy direction mirrored the excessive expenditures that led to Ghana’s 2015 IMF bailout under his administration.
“Ghana’s economy was not ‘criminally handled’ as the President suggests. We faced global economic difficulties but took responsible measures to mitigate them. The signs of recovery were clear before this government took over,” she said.
AM/KA
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