Abena Osei-Asare, former Minister of State at the Finance Ministry, rebutted President Mahama’s claims of economic decline in his State of the Nation Address. She emphasized the economic recovery achieved under the NPP government and criticized Mahama for misrepresenting the financial conditions. Osei-Asare also stressed the need for responsible fiscal policies and highlighted discrepancies in Mahama’s acknowledgment of previous government achievements.
Abena Osei-Asare, the former Minister of State at the Finance Ministry, has responded strongly to President John Mahama’s critique of the economic situation in Ghana during his recent State of the Nation Address. Ms. Osei-Asare accused President Mahama of neglecting the economic recovery accomplished under the previous New Patriotic Party (NPP) administration, instead opting to portray a narrative of economic failure.
In her response, the Atiwa East Member of Parliament criticized Mahama for his negative portrayal of the economy, emphasizing that the NPP has been transparent about previous economic challenges, yet took decisive steps leading to recovery supported by the International Monetary Fund (IMF).
She stated, “The NPP has never shied away from acknowledging the economic challenges that Ghana faced, but we took decisive and responsible actions to put the economy back on the path of recovery, culminating in the IMF giving the economy a clean bill of health.”
Osei-Asare asserted that the financial sector was more robust at the conclusion of the NPP’s governance than Mahama presented. She highlighted that customer deposits were safeguarded during the banking sector’s stabilization efforts, preventing a crisis.
The former Minister noted, “Depositors’ funds were protected during the financial sector clean-up, preventing the total collapse of the banking industry.” She also mentioned an impressive increase in banking sector assets over the years, showing enhancements in private sector lending and financial recovery.
Addressing Mahama’s claims regarding the state of foreign reserves, she clarified that despite global challenges, Ghana’s gross international reserves increased significantly, thereby enhancing the economy’s resilience. She stated, “The cedi remained stable, moving from GH₵12.4 per dollar in December 2023 to GH₵14.50 per dollar in December 2024—a controlled depreciation considering external pressures.”
Ms. Osei-Asare criticized President Mahama for failing to recognize the resources left by the NPP to support the new government’s debt obligations for early 2025. She pointed out that while Mahama took credit for his administration’s fiscal positions, he overlooked substantial debts that needed managing.
She remarked, “He was quick to highlight the $250 million in the sinking fund at the end of 2016 but conveniently ignored the $1 billion due for external debt repayments in 2017, which the NPP had to manage.” She further rebuffed Mahama’s claims about mismanagement, providing statistics on the economy’s growth under the NPP.
She argued, “Real GDP growth averaged 6.3% in 2024, led by Industry at 10.4%. We achieved a positive primary balance of 0.4% in November 2024 compared to the negative 1.4% of GDP in 2016.” In addition to these economic insights, Ms. Osei-Asare challenged Mahama’s introduction of ambitious projects without clear funding strategies during his distress narrative.
She stated, “For an economy supposedly in an ‘intensive care unit,’ one would have expected cautious, responsible economic planning.” Despite this, Mahama proposed new initiatives that included the Ghana Medical Trust Fund, raising concerns about sustainable reporting.
Osei-Asare admonished the approach of excessive public spending, reminding citizens of the IMF bailout in 2015 resulting from previous oversights. She reinforced the need for responsible governance and maintaining current economic confidence.
She stated, “A responsible government should focus on sustaining and improving the growing confidence in the economy before committing to large-scale social programs.” On Mahama’s proposal for a National Economic Dialogue, Osei-Asare expressed doubt, regarding it as more of a political strategy versus a genuine effort for stakeholder engagement.
Ms. Osei-Asare concluded her assessment by emphasizing the necessity for forward-thinking leadership rather than dwelling on the past. In her closing remarks, she highlighted the NPP’s commitment to addressing economic concerns while cautioning against misleading narratives.
She asserted, “Ghana does not need more rhetoric—it needs strong leadership.” Her message underscored the importance of developing a vibrant economy through prudent governance planning and vision.
In summary, Abena Osei-Asare firmly rebutted President Mahama’s portrayal of Ghana’s economic condition in his SONA, underscoring the economic advancements made during the NPP government. She highlighted empirical data reflecting positive growth and stability while urging responsible fiscal management. Osei-Asare called for leadership focused on future progress and warned against repeating past mistakes of mismanagement and excessive spending.
Original Source: www.myjoyonline.com
