The New Patriotic Party (NPP) has pushed back against President John Mahama’s recent assessment of Ghana’s economic performance, labeling it as misleading and politically motivated.
In a press conference titled “The True State of the Nation Address” on March 3, 2025, the NPP dismissed Mahama’s critique as mere propaganda, warning that such claims would ultimately backfire.
Addressing inflation concerns, the NPP refuted Mahama’s claim that the previous government failed to meet the International Monetary Fund (IMF) inflation target.
President Mahama had noted that Ghana ended 2024 with headline inflation at 23.8%, exceeding the IMF’s 18% target, which he cited as evidence of weak monetary policy.
However, the NPP argued that inflation had peaked at 54% in 2022 due to global shocks, including COVID-19 and the Russia-Ukraine war, before dropping to 23% in 2024. They insisted this showed a strong disinflation process.
“Of course, not at the medium-term target yet, but the disinflation process is on track. It is also instructive to note that the IMF has an upper band of 22% for inflation for December 2024. This suggests a marginal deviation compared to the program target, contrary to what President Mahama wants us to believe.”
New Patriotic Party (NPP)
The party also accused Mahama of applying double standards, noting that under his administration in 2016, inflation exceeded the 10.1% target, closing at 15.4%.
GDP Growth and External Sector Performance
Furthermore, the NPP accused Mahama of failing to present a holistic view of the economy, arguing that he omitted key indicators such as real GDP growth, trade balance, current account balance, and international reserves.
They pointed out that Ghana’s real GDP growth for the first three quarters of 2024 stood at 6.4%, exceeding the IMF’s 4% projection, and contrasted this with Mahama’s 3.4% growth in 2016, which fell short of the 5.4% target.
They also highlighted Ghana’s trade surplus of 5.9% of GDP in 2024 compared to Mahama’s 2% deficit in 2016. Similarly, the current account balance ended 2024 with a surplus of 4.2% of GDP, in contrast to Mahama’s 3.1% deficit in 2016.
The Bank of Ghana’s foreign reserves reached $8.9 billion—covering four months of imports—compared to $6.2 billion in 2016 under Mahama.
Mahama had used the cedi’s 19% depreciation to argue that the economy was declining, but the NPP attributed this to global economic challenges.
They emphasized that the 50% depreciation in 2022 was due to external shocks but had since stabilized at 19% in 2024, reflecting improved economic management.
On the financial sector, the NPP dismissed Mahama’s claim that despite a GHS29.9 billion financial sector clean-up, the sector remained weak.
They pointed to strong indicators such as a 33.8% growth in total assets and a 28.8% rise in total deposits in 2024.
Liquidity, the NPP stressed, also improved significantly, with core liquid assets to short-term liabilities increasing by 46.3%.
“The strength of an economy is also determined by the strength of its financial sector. Given the performance of our financial sector under the NPP, is it accurate to describe this economy as badly managed?”
New Patriotic Party (NPP)
Debt Servicing and IMF Agreement
Meanwhile, Mahama had also claimed that Ghana would face GHS280 billion in debt servicing obligations over the next four years.
The NPP dismissed this as alarmist, arguing that debt servicing is a routine government responsibility.
Accordingly, they emphasized that Ghana’s debt restructuring efforts had significantly reduced the burden.
“The agreement reached with the Official Creditors Committee entails rescheduling all debt service (principal & interest) due between December 20, 2023, and December 31, 2026.”
New Patriotic Party (NPP)
The party also accused Mahama of attempting to claim credit for an IMF Memorandum of Understanding (MoU) that had already been negotiated before his administration. “Mr. President, you didn’t sign any MoU! Ghana merely expressed consent to the terms of the MoU in writing on January 12, 2024.”
The NPP therefore called on President Mahama to provide a balanced and accurate assessment of Ghana’s economic performance, rather than what they described as a selective and misleading portrayal aimed at serving political interests.
They emphasized the importance of presenting an objective and truthful account, arguing that Ghanaians deserve a comprehensive understanding of the country’s economic realities rather than a narrative shaped for political advantage.
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