Dr. Edward Omane Boamah, Minister for Defense and a key member of President John Mahama’s cabinet, has assured Ghanaians that the new administration is actively working to repair the economic crisis inherited from the previous government.
According to him, the ruling National Democratic Congress (NDC) is determined to reverse the damage inflicted on the country’s economy by the New Patriotic Party (NPP).
“Yesterday, we returned to the hallowed walls of the Cabinet Meeting Room at the Flagstaff House after eight (8) years. How time flies… We’re thankful to God almighty for sustaining our dear nation’s democracy.”
Dr. Edward Omane Boamah
However, he did not shy away from highlighting the severe economic turmoil inherited from the previous administration, emphasizing that the state of the economy is nothing short of disastrous.
Omane Boamah was unequivocal in his assessment of Ghana’s financial crisis, painting a grim picture of the situation.
He asserted that the national debt was not just a byproduct of poor governance but a deliberately manufactured catastrophe.
According to him, the reckless financial decisions of the previous government have left a lasting imprint, with repercussions that will burden future generations and hinder national development for years to come.
He recalled that even before the COVID-19 pandemic, Ghana’s economy was already showing signs of distress due to reckless borrowing and poor financial management by the previous government.
“Truth is six (6) years ago, in 2019, even before COVID-19 hit our territory, I cautioned against Ghana’s Steep Rising Debt in a widely publicized article,” he reminded Ghanaians.
Referencing economic authorities, Omane Boamah criticized the NPP’s fiscal irresponsibility, which, according to him, was ignored despite several warnings.
He highlighted that beyond the official figures reported, the true extent of Ghana’s debt crisis was far worse due to hidden obligations and unaccounted liabilities.
These undisclosed financial burdens, he explained, further weakened the country’s economic standing, making the fiscal situation more precarious than many realized.
Citing economic principles, Omane Boamah expressed deep concern over the nation’s rising debt under the NPP administration, emphasizing that while economic indicators provide a general outlook, they often fail to capture the full scope of liabilities.
He referenced economist Mankiw’s concept of “uncounted liabilities” to illustrate how certain debts remain off the books, creating a misleading picture of the country’s financial health.
These hidden financial obligations, he argued, contributed significantly to the current crisis and made the task of economic recovery even more challenging.
Consequences Of Economic Mismanagement
Furthermore, Dr. Edward Omane Boamah emphasized that the consequences of these financial missteps have been severe, leading to significant losses for many Ghanaians.
He noted that the NPP’s economic mismanagement had a direct and damaging effect, wiping out investments and destabilizing financial security.
Among the hardest hit were pensioners and the middle class, whose bonds and savings were eroded, leaving them in financial distress.
For years, Ghanaian experts, including Omane Boamah himself, had cautioned against unchecked borrowing, but these concerns were largely dismissed. Now, the reality of the financial crisis has become undeniable, with the effects trickling down to everyday citizens.
During the first cabinet meeting of the new administration, Ghana’s Finance Minister revealed shocking figures that further highlighted the extent of economic decay left behind by the previous government.
The burden of debt, Omane Boamah noted, is not just a statistic—it represents lost opportunities, financial instability, and economic hardship for millions of Ghanaians.
Despite the dire situation, Omane Boamah remains optimistic. “Hopeful because with President John Dramani Mahama in the driving seat, we shall fix the mess NPP has created,” he stated confidently.
His assurance underscores the NDC’s commitment to addressing Ghana’s economic challenges head-on.
The government is focused on implementing sound policies, restoring investor confidence, and ensuring economic stability.
“We’re fixing it!” he emphasized, signaling the administration’s readiness to put the country back on the path of growth and prosperity.
The road ahead may be tough, but Omane Boamah’s remarks suggest that the NDC government is determined to deliver on its promise to rebuild the economy.
Ghanaians, many of whom have borne the brunt of economic hardships, will be watching closely as the administration rolls out its recovery plans.
READ ALSO: Rutte Deems US Support Crucial for Ukraine’s Security Guarantees
