Former Minister of State at the Finance Ministry, Abena Osei-Asare, has hit back at President John Mahama’s State of the Nation Address (SONA), accusing him of deliberately ignoring the economic recovery achieved under the previous NPP administration while pushing a narrative of economic collapse.
In her detailed response, the Atiwa East MP criticized him for presenting what she described as an overly bleak picture of the economy without acknowledging the critical interventions that stabilized it before he took office.
“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,” she stated.
According to Osei-Asare, the financial sector was in a much stronger position at the end of the NPP’s tenure than Mahama suggested in his address.
“Depositors’ funds were protected during the financial sector clean-up, preventing the total collapse of the banking industry.
“The banking sector’s total assets rose from GH¢81.2 billion in December 2016 to GH¢367.2 billion in October 2024. Private sector credit increased by 28.8% in 2024, compared to negative 7.5% in 2023, showing strong financial recovery,” she noted.
She further dismissed Mahama’s claim of scant reserves for debt servicing, highlighting that despite global economic pressures, Ghana’s Gross International Reserves improved from $5.9 billion in December 2023 to $7.7 billion in October 2024, representing 3.5 months of import cover.
“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,” she added.
In her critique, Osei-Asare pointed out that Mahama had failed to acknowledge that the NPP left behind resources for the new government to meet early 2025 debt service obligations, including the GH¢6 billion paid out to bondholders, which he proudly announced to Parliament.
“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 remarked.
Rejecting Mahama’s assertion that the economy was “criminally handled” by the NPP, Osei-Asare provided evidence of economic growth and stability before the change in government.
“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. Total revenue exceeded its target by 3.3%. The signs of economic recovery were clear,” she asserted.
Osei-Asare also took issue with Mahama’s introduction of ambitious social intervention programs without a clear funding strategy.
“For an economy supposedly in an ‘intensive care unit,’ one would have expected cautious, responsible economic planning.
“Instead, the President outlined a series of new programs, including the Agriculture for Economic Transformation Agenda (AETA), the Feed Ghana Programme, the One Million Coders Programme, and the Ghana Medical Trust Fund (MahamaCare), without explaining how they will be financed,” she said.
Warning against a return to excessive public spending, Osei-Asare reminded Ghanaians that the NDC’s approach led to an IMF bailout in 2015.
“A responsible government should focus on sustaining and improving the growing confidence in the economy before committing to large-scale social programs. Ghana cannot afford another cycle of reckless spending and fiscal mismanagement,” she emphasized.
On Mahama’s proposed National Economic Dialogue, Osei-Asare was skeptical, describing it as a political maneuver rather than a sincere effort to engage stakeholders.
“Instead of resorting to endless committees and dialogues, the President should get down to implementing the policies he campaigned on. Governance is about leadership and execution, not deferring responsibility through unnecessary consultations,” she stated.
Concluding her response, Osei-Asare called on Mahama to move beyond political blame and focus on Ghana’s future.
“This State of the Nation Address was more about looking backward than moving forward. Mr. President, Sankofa yenkyi, but a leader who spends too much time looking back will eventually stumble. Ghana needs a leader with vision, not one obsessed with revisiting the past,” she said.
She reiterated the NPP’s commitment to constructive engagement but warned against misleading economic narratives and unsustainable policies.
“Ghana does not need more rhetoric—it needs strong leadership, a vibrant private sector, and policies that empower individuals to thrive. We must stand for the future of Ghana,” she concluded.
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