The Deputy Minister of Finance, and Member of Parliament for Ejisu Constituency in the Ashanti Region, Lawyer John Ampontuah Kumah has refuted former President John Dramani Mahama’s claims that Ghana’s economy is in bad state under the current administration.

Lawyer John Kumah began his remarks in his Facebook post on Monday, March 4, 2024 by challenging Mr Mahama’s assertion that he left behind a robust and crisis-resistant economy, pointing to the severe electricity crisis that plagued Ghana during Mr Mahama’s four-year tenure.

The Deputy Minister of Finance emphasized the adverse effects on the quality of life for Ghanaians and the collapse of numerous businesses due to persistent power outages.

“I have sighted a viral video where the former President John Mahama is heard, regrettably indicating that his management of Ghana’s economy was better than the current administration. It’s untrue that John Mahama left a healthy economy. It is also far from the truth that he had left a legacy that was resistant to crisis”.
John Ampontuah Kumah

Highlighting the energy sector legacy debt left by former President John Dramani Mahama during his tenure as President of Ghana, Lawyer John Kumah underscored its threat to the country’s financial health, asserting that the repercussions still linger in the form of challenges in state-owned enterprises and signed independent power producer agreements.

Furthermore, Lawyer John Kumah, the Member of Parliament for Ejisu Constituency accused former President John Dramani Mahama for neglecting the dire state of the country’s banking sector during his tenure as the President of Ghana, as reported by the Bank of Ghana in 2015.

He accused the National Democratic Congress flagbearer for the 2024 general elections of failing to address fiscal indiscipline in 2012, which led to a loss of credibility and necessitated Ghana seeking assistance from the International Monetary Fund (IMF) in 2015.

Moreover, the Deputy Minister of Finance, Lawyer John Ampontuah Kumah disputed former President John Dramani Mahama’s claims on Ghana’s GDP growth, and credited the New Patriotic Party’s efforts for the growth rates observed during their tenure, even in the face of challenges such as the energy sector’s contingent liabilities.

He refuted former President John Dramani Mahama’s assertion of the country’s economy growing zero percent in 2020, and noted that the country’s economy grew by 0.5% despite the global impact of COVID-19, followed by a rebound to 5.4% in 2021.

Eurobonds, NPP’s Record Against NDC’s Records

On Eurobonds, the Deputy Minister of Finance, Lawyer John Kumah criticized the high-interest rates secured by former President John Dramani Mahama and former Finance Minister, Seth Terpker in the 2015 bond, labeling it as unprecedented and unacceptable.

He praised the current government’s active liability management program for meeting all debt service payments until December 2022.

Addressing the Central Bank overdrafts, Lawyer John Kumah accused former President John Dramni Mahama’s administration of receiving overdrafts annually from the Bank of Ghana, which were not repaid but converted into non-marketable bonds.

He credited the New Patriotic Party administration of implementing a zero financing policy from 2017 to 2020, emphasizing the government commitment to fiscal responsibility through the Fiscal Responsibility Act.

Lastly, Lawyer John Kumah defended the achievements of the Ghana Infrastructure Investment Fund (GIIF), pointing out that it was heavily underfunded when the New Patriotic Party assumed office but has since become a vital funding source for development projects.

He also highlighted the establishment of the Ghana Development Bank to support national development by the current administration.

The Deputy Minister of Finance, Lawyer John Ampontuah Kumah concluded his statement by urging former President John Dramani Mahama to stick to the facts and refrain from propagating misleading information when he is making public commentaries on Ghana’s economy.

He emphasized the New Patriotic Party administration’s commitment to building a Ghana that works for all citizens and asserted that the New Patriotic Party administration under President Akufo-Addo is keen on fulfilling its social contract with Ghanaians.