Mahama’s Economic Record An Unmitigated Disaster – President Akufo-Addo
President Nana Addo Dankwa Akufo-Addo has described the period in office of his predecessor, John Dramani Mahama, as an unmitigated disaster, describing his economic track record whilst in office, from 2013 to 2016, as abysmal.
President Akufo-Addo made this known on Friday, 10th September 2021, in response to a question posed by the host of a radio show in the Volta Region.
Responding to comments by former President Mahama on economic mismanagement by the governing New Patriotic Party (NPP), President Akufo-Addo remarked:
“I wonder whether this statement was made tongue in cheek by the former president. When you look at the record of this political leader who can accuse my government of mismanagement, there are a few facts that when you put on the table to compare his performance and mine, it would tell you that if what I am offering people is economic mismanagement, I wonder what words we should describe his (Mahama) stewardship of Ghana. It is an unmitigated disaster, that’s what I would call him.”
According to President Akufo-Addo, under the tenure of his predecessor, the economic growth rate in 2016 stood at 3.4%, the lowest in two decades; with all other macroeconomic indicators pointing in the wrong direction.
“Inflation, when he left office, was 15.4%; today, at the end of July, which are the last hard facts from the Statistical Service, it’s 9%. Interest rates are always a good determinant of how the economy is operating, 32% in December 2016, today, it is 20.6%. We are talking about treasury bill decline in interest rate, we are talking about the trade deficit that was $1.8 billion in 2016, to a trade surplus of $2.6 billion at the end of 2019,” the President said.
He stressed that if these statistics, which, prior to COVID-19, led to Ghana being one of the fastest-growing economies in the world with a GDP of 7%, “can be considered economic mismanagement”, then he wonders what would be the description of the economy managed by former President John Mahama, which took Ghana into the embrace of the IMF.
Responding again to comments asking the government to organise an economic forum, President Akufo-Addo stated that “if the economic forum is going to be a repetition of the so-called Senchi Consensus, then I think I have to spare the people of Ghana this sort of development.”
He continued, “The Senchi Consensus was an unmitigated disaster, out of it we went into the embrace of the IMF with all the difficulties that came from there and the disarray it pointed to in the economy of our country.”
The President, thus, urged former President Mahama to be wary of commenting on matters to do with economic management.
“He is not on strong ground when he is talking about the economy. His track record, I am reluctant to use these strong words, but in normal parlance, I would say it abysmal and, therefore, he has no lessons to give me at all in the management of the economy,” President Akufo-Addo added.