Dr. Kabiru Tiah Mahama, the Member of Parliament (MP) for Walewale, has strongly criticized the recent State of the Nation Address (SONA), questioning both its portrayal of Ghana’s economic realities and the implications it carries for investor confidence.
In a scathing assessment, he challenged the claim that the previous administration’s IMF program failed to restrain economic mismanagement, arguing that such a statement undermines the credibility of the IMF itself.
According to Dr. Mahama, Ghana’s IMF program is performance-based, meaning that disbursements under the $3 billion Extended Credit Facility are contingent upon meeting specific benchmarks.
He pointed out that Ghana has already received approximately $1.2 billion from the IMF, including a $360 million tranche released as recently as December 2024, following a positive assessment of the government’s fiscal performance.
“And what I found surprising was how impugned the IMF was, that the IMF program did not even restrain the economic mismanagement.
“It is spit on the face of the IMF because our IMF program is a performance-based program that you are passed to get the next releases after some micro of structural benchmarks and performance indicators have been met”
Dr. Kabiru Tiah Mahama, Member of Parliament for Walewale
His comments were directed at suggestions that, despite the IMF intervention, the government had continued reckless economic management.
For Dr. Mahama, such claims disregard the rigorous assessments undertaken by the IMF before releasing funds.
“If you say that despite the IMF program, the government was still reckless, it means that you are impugning the very work the IMF has done”
Dr. Kabiru Tiah Mahama, Member of Parliament for Walewale
He emphasized that the released funds were based on Ghana’s ability to meet performance indicators set by the international financial institution.
Questioning Claims of Reduced Borrowing
Beyond the IMF debate, Dr. Mahama took issue with the President’s assertion that Ghana was moving away from borrowing dependence.
He pointed out that the government continues to borrow significantly, citing an average daily borrowing rate of GHS 1.1 billion over the past 50 days.
“I find it difficult to even think why the president will say some things. For instance, you said that you are drifting away from dependence on borrowing” he stated.
For the Walewale MP, such figures contradict the narrative of fiscal discipline and signal that Ghana is still heavily reliant on debt financing.
He also criticized the selective presentation of financial data, particularly regarding the sinking fund.
“You create a picture that $64,000 was left in the sinking fund. The president conveniently left out the end-of-year revenue of $3 billion. He conveniently left money that probably would have been earned from the sweeping of accounts too’
Dr. Kabiru Tiah Mahama, Member of Parliament for Walewale
Dr. Mahama noted that the full financial picture was not disclosed to the Ghanaian public, raising concerns about undisclosed funds, particularly those recovered through account sweeps across government institutions.
“Up to date, no one has updated the good people of Ghana on how much was realized from the sweeping of accounts across board,” he emphasized, calling for greater transparency on public finances.
A More Balanced SONA Was Expected
Dr. Mahama further criticized the tone of the SONA, arguing that while it should reflect economic realities, it should also inspire confidence.
He expressed disappointment that the address was overwhelmingly negative, which he believes could dampen investor confidence in the country.
“If you are presenting the State of the Nation Address, my reasonable expectation is that there must be a portion where you paint the picture as it is, no matter how difficult the opposition or the outgoing government will take it”
Dr. Kabiru Tiah Mahama, Member of Parliament for Walewale
Yet he argued that while acknowledging challenges is necessary, completely dismissing any progress made by previous administrations creates a one-sided narrative that does not benefit the country.
“If you present a picture that all is gloomy and you dash the hope of investors, that is not, in my candid opinion, how a State of the Nation Address should be,” he stated.
Dr. Mahama believes that a more balanced speech would have reassured both Ghanaians and investors about the country’s economic prospects.
Instead, he noted, the address was dominated by lamentations about inherited economic challenges, despite the President’s earlier commitment to avoid such rhetoric.
Dr. Kabiru Tiah Mahama, Member of Parliament for Walewale
“He promised that he was not going to engage in lamentation, but every single page thereafter was a lamentation of the situation that was bequeathed to him”
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