Former Minister of State for Finance and Member of Parliament for Atiwa East, Hon. Abena Osei-Asare, has criticized President John Dramani Mahama’s 2025 State of the Nation Address (SONA) as unrealistic.
Osei-Asare labeled the President’s address on the country’s national and economic issues as a blend of economic fearmongering, political blame-shifting, and impractical promises without a clear funding strategy.
“In addition to creating a gloomy picture of the economy he has inherited, the President has outlined heavy expansionary fiscal policies that, at best, may be considered populist and unsustainable.
“It is ironic that, on the one hand, the President describes the economy as being in an intensive care unit (ICU), yet, on the other hand, he is pushing for massive new social intervention programs without indicating how they will be financed.”
Hon. Abena Osei-Asare
Osei-Asare emphasized that while the New Patriotic Party (NPP) acknowledged the economic challenges, decisive measures were taken to restore stability.
She pointed out that despite Mahama’s negative depiction of Ghana’s economy, certain key facts prove otherwise. “The financial sector is in a much stronger position today than it was at the end of 2016.”
Osei-Asare countered the President’s assertion that the financial sector remains in distress, emphasizing that key indicators tell a different story.
She argued that the financial sector clean-up successfully safeguarded depositors’ funds, preventing a complete collapse of the banking industry.
Additionally, she highlighted the substantial growth in total banking sector assets, which increased from GHS 81.2 billion in December 2016 to GH₵ 367.2 billion by October 2024.
Osei-Asare also noted that private sector credit rose by 28.8% in October 2024, compared to a contraction of 7.5% in 2023, signaling a strong recovery.
Additionally, she highlighted that Ghana’s gross international reserves increased from US$5.9 billion in December 2023 to US$7.7 billion in October 2024, representing 3.5 months of import cover.
“The cedi remained stable, moving from GH₵12.4 per dollar in December 2023 to GH₵14.50 per dollar in December 2024—a controlled depreciation considering external pressures.
“The NPP administration ensured that Ghana left resources in place for the new government to meet early 2025 debt service obligations, including the GHS6bn paid out to bondholders; last week, that the President was happy to announce to the house.”
Hon. Abena Osei-Asare
Expensive Policies Without A Funding Strategy
Furthermore, Hon. Abena Osei-Asare challenged Mahama’s assertion of inheriting a struggling economy, questioning why his administration is introducing major social intervention programs without first addressing funding concerns.
She highlighted several key initiatives, such as the Agriculture for Economic Transformation Agenda (AETA), the Feed Ghana Programme, and the Poultry Farm-to-Table Project (Nkoko Nkitinkiti).
She emphasized that these, along with the Adwumawura Program, the One Million Coders Programme, and the Ghana Medical Trust Fund (MahamaCare), are ambitious policies that demand significant financial resources.
“These are very expensive programs, and yet the President failed to tell Ghanaians how they will be funded. Given his own pessimistic economic assessment, the expectation would have been for the government to stabilize the economy first before announcing major spending initiatives.”
Hon. Abena Osei-Asare
She warned that Mahama’s economic model mirrors the National Democratic Congress’s (NDC) traditional approach of high public spending with no clear funding plan, which previously led Ghana into an IMF bailout in 2015.
Accordingly, Osie-Asare stressed that a responsible government must prioritize maintaining and enhancing confidence in the economy before undertaking large-scale social programs.
Additionally, she underscored the need for fiscal discipline, efficient resource allocation, and a stronger private sector to drive sustainable job creation instead of depending on government-led employment schemes.
National Economic Dialogue: A Political Gimmick?
The former Minister of State also cast doubt on Mahama’s call for a National Economic Dialogue, suggesting it was more about political symbolism than a sincere effort to address economic challenges.
She argued that the initiative appeared to be an attempt to secure broad endorsement for pre-decided policies while evading full accountability.
“More importantly, the President was elected based on a manifesto that ought to have been thoroughly thought through.
“Instead of resorting to endless committees, commissions, and dialogues, he should get down to implementing the policies he campaigned on. Governance is about leadership and execution, not deferring responsibility through unnecessary consultations.”
Hon. Abena Osei-Asare
Osei-Asare criticized Mahama’s SONA for being overly focused on revisiting past events rather than outlining a concrete and actionable plan for the future.
She argued that while reflecting on history is important, excessive backward-looking rhetoric risks diverting attention from the pressing challenges that demand forward-thinking leadership.
She emphasized that Ghana needs a leader with a clear vision and strategic direction, not one preoccupied with rehashing old grievances.
While affirming the minority’s willingness to engage in constructive discussions on policies that foster economic growth, Osei-Asare cautioned against any attempts to distort economic realities or implement reckless fiscal policies that could endanger the country’s stability.
She concluded by urging Ghanaians to demand responsible leadership that prioritizes sustainable economic management over populist rhetoric.
