The Minister for Defence, Dr. Edward Omane Boamah, has assured Ghanaians that the government is taking urgent steps to repair the economic damage caused by the previous administration.
In a Facebook post on Friday, February 21, Dr. Boamah described the economic situation as a “momentous messy national debt” and blamed the New Patriotic Party (NPP) government for reckless borrowing that has burdened future generations.
His remarks followed the first Cabinet meeting of President John Dramani Mahama’s administration, held on Thursday.
Reflecting on the return to government, he expressed gratitude for Ghana’s sustained democracy but noted the country’s dire financial state.
“It is regrettable that a ‘We Told You So Moment’ is manifesting,” he stated. Dr. Boamah emphasized that the reported national debt figures do not fully capture the extent of the crisis, referencing economist N. Gregory Mankiw’s concept of “uncounted liabilities.”
He recalled that he had previously warned about the consequences of excessive borrowing even before the COVID-19 pandemic but was ignored.
“Like many others, I knew the signs of economic gloom and doom were on the wall,” he stated, lamenting that the economic mismanagement of the previous administration had eroded investments, including the savings of pensioners and the middle class.
Quoting George Carlin, he mocked the enormity of the debt, saying, “I think we ought to just go ahead and make ‘zillion’ a real number.”
During the Cabinet meeting, the Finance Minister laid bare the full extent of the economic downturn, further reinforcing the urgency of corrective action.
Dr. Boamah assured Ghanaians that the Mahama administration is committed to stabilizing the economy and restoring financial confidence.
“We are fixing the economic mess the NPP created,” he reiterated, vowing that the government would take decisive steps to bring relief to the Ghanaian people.