Former Minister Abena Osei-Asare rebutted President Mahama’s claims in his SONA, arguing he ignored the economic recovery under the NPP. She highlighted achievements in the financial sector, including increased banking assets and improved international reserves. Osei-Asare criticized Mahama’s proposed programs for lacking a funding strategy and warned against returning to excessive spending that led to previous economic crises.
Abena Osei-Asare, a former Minister of State at the Finance Ministry, has responded to President John Mahama’s State of the Nation Address (SONA). She criticized Mahama for allegedly neglecting the economic recovery measures implemented under the previous NPP administration. Osei-Asare argued that while the NPP recognized the challenges faced by the economy, they took responsible action to steer it towards recovery, which included obtaining a clean bill of health from the IMF.
Ms. Osei-Asare emphasized that the financial sector was considerably stronger at the end of the NPP’s term. She pointed out that, contrary to Mahama’s assertions, essential interventions during the financial sector clean-up preserved depositor funds and prevented a banking sector collapse. She noted significant increases in the banking sector’s total assets and a noteworthy rise in private sector credit from negative growth to a positive 28.8%.
Further defending the NPP’s economic record, Osei-Asare rebutted Mahama’s claims regarding inadequate reserves available for debt servicing. She reported that Ghana’s Gross International Reserves improved between December 2023 and October 2024, providing 3.5 months of import coverage. Additionally, she highlighted the cedi’s stability, which experienced controlled depreciation amid global economic pressures.
The former Minister pointed out that Mahama overlooked the resources left by the NPP to address early 2025 debt obligations, including substantial payments made to bondholders. She remarked that Mahama mentioned the sinking fund conveniently while neglecting the external debt repayments the NPP faced in 2017.
Rejecting Mahama’s claim that the economy was “criminally handled” by the NPP, Osei-Asare presented evidence of growth, citing a real GDP growth rate of 6.3% in 2024 and positive fiscal metrics compared to previous years. She underlined the clear signs of economic recovery before the change in government.
Moreover, Osei-Asare criticized President Mahama for proposing ambitious social programs without outlining a sustainable funding strategy. Given the economic context, she emphasized the importance of responsible financial planning instead of a hasty rollout of unfinanced initiatives like the Agriculture for Economic Transformation Agenda and others.
She cautioned against repeating the pattern of excessive public spending, referencing the NDC’s prior economic mismanagement that necessitated an IMF bailout in 2015. Osei-Asare stressed the need for the government to focus on nurturing confidence in the economy before committing to grandiose social programs.
On the proposed National Economic Dialogue, Osei-Asare expressed skepticism, perceiving it as a superficial political maneuver. She urged the President to prioritize the implementation of his campaign policies rather than resorting to extended consultations.
In conclusion, Osei-Asare advised President Mahama to shift his focus from political blame towards constructive engagement for Ghana’s future. She criticized the backward-looking tone of his State of the Nation Address and called for visionary leadership that concentrates on progressing rather than retracing past steps.
Abena Osei-Asare’s critique of President Mahama’s State of the Nation Address underscored her belief that the economy was on a recovery trajectory during the previous NPP administration. She highlighted significant achievements in economic stabilization and growth while challenging Mahama’s portrayal of the economy. Osei-Asare called for responsible governance and caution against reckless spending, reminding all political leaders to focus on visionary progress for Ghana.
Original Source: www.myjoyonline.com
