Abena Osei-Asare critiques President Mahama’s State of the Nation Address, asserting that he overlooks the economic recovery achieved by the NPP before he took office. She highlights the financial stability improvements and challenges Mahama’s claims about the economy’s condition. Osei-Asare urges a focus on sustainable governance rather than political blame, calling for strong leadership to guide Ghana forward.
Former Minister of State at Finance, Abena Osei-Asare, has responded strongly to President John Mahama’s recent State of the Nation Address, asserting that he has overlooked the significant economic recovery accomplished under the previous New Patriotic Party (NPP) administration. In her rebuttal, she criticized his portrayal of the economy as dire and accused him of neglecting key interventions that stabilized the economy prior to his term.
Ms. Osei-Asare noted that the NPP government never ignored the economic hardships but undertook responsible actions that ultimately led to the economy receiving a positive assessment from the International Monetary Fund (IMF). She pointed out that by the end of the NPP’s governance, the financial sector demonstrated improved health and resilience. For instance, total banking sector assets soared from GH¢81.2 billion in December 2016 to GH¢367.2 billion in October 2024, with private sector credit reflecting a 28.8% surge in 2024.
Additionally, she disputed Mahama’s comments regarding the country’s reserves, clarifying that despite global economic challenges, Ghana’s Gross International Reserves increased from $5.9 billion in December 2023 to $7.7 billion in October 2024. This represented a three-and-a-half-month import cover, signifying improved stability, particularly as the cedi’s depreciation remained controlled despite external pressures.
Osei-Asare emphasized that the NPP had left financial resources for the new government to meet its debt obligations in early 2025, including a GH¢6 billion payout to bondholders, which Mahama noted in Parliament. She criticized Mahama for selectively highlighting financial figures to support his narrative while omitting critical context surrounding external debt repayments due shortly after the NPP’s term ended.
Rejecting Mahama’s claim that the NPP mismanaged the economy, Ms. Osei-Asare provided evidence of economic resilience, noting that real GDP growth averaged 6.3% in 2024, driven primarily by the industrial sector. Her response also highlighted that the government achieved a positive primary balance in November 2024, contrasting with the previous negative balance reported in 2016.
She expressed concern over Mahama’s ambitious social intervention plans without a solid funding framework, suggesting that responsible economic governance would prioritize sustainable planning over new expansive programs. Osei-Asare cautioned against a return to extravagant public spending that characterized prior NDC governance, which led to an IMF bailout in 2015.
On Mahama’s proposed National Economic Dialogue, she expressed skepticism, interpreting it as a political strategy rather than a genuine effort to engage stakeholders. She urged the President to focus on actual governance and execution of policies over endless consultations and discussions.
In conclusion, Osei-Asare called on President Mahama to shift his focus from past grievances towards fostering a constructive future for Ghana. She stressed the NPP’s dedication to effective engagement and challenged misleading economic narratives, asserting that Ghana requires visionary leadership as well as policies that empower individual citizens to succeed.
Abena Osei-Asare’s response to President Mahama underscores the achievements of the previous NPP administration in economic recovery and stability. She challenges Mahama’s negative portrayal of the economy, highlighting various positive indicators, and warns against reckless spending. Osei-Asare calls for constructive governance and emphasizes the need for a forward-looking vision for Ghana. Ultimately, her remarks advocate for strong leadership that focuses on ensuring economic growth and sustainability while providing necessary social services responsibly.
Original Source: www.myjoyonline.com
