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Former Minister of State at the Finance Ministry, Abena Osei-Asare, has taken issue with President John Mahama’s State of the Nation Address (SONA), arguing that his ambitious social intervention programs lack a clear funding strategy.
“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,” the Atiwa East MP said in response to Mahama’s address.
She acknowledged that the New Patriotic Party (NPP) government faced economic challenges but maintained that it took “decisive and responsible actions” to stabilize Ghana’s economy.
Citing improvements in the financial sector, increased private sector credit, and stronger foreign reserves, Osei-Asare argued that the economy was on a recovery path before Mahama’s return to office.
“The financial sector is in a much stronger position today than it was at the end of 2016,” she noted.
“Total banking sector assets rose from GH¢81.2 billion in December 2016 to GH¢367.2 billion in October 2024. Private sector credit increased by 28.8% in October 2024, compared to negative 7.5% in 2023. These are indicators of an improving financial system.”
She accused Mahama of exaggerating Ghana’s economic difficulties to justify his expansionary policies.
“Ghana’s economy was not ‘criminally handled,’ as the President implies. Like many economies worldwide, we faced challenges, but we took responsible measures to address them. The signs of economic recovery were evident before the change in government.”
Osei-Asare raised serious concerns over Mahama’s newly announced programs, including the Agriculture for Economic Transformation Agenda (AETA), the Feed Ghana Programme, the Poultry Farm-to-Table Project (Nkoko Nkitinkiti), the Adwumawura Programme, the One Million Coders Programme, and the Ghana Medical Trust Fund (MahamaCare).
“These are very expensive programs, and yet the President failed to tell Ghanaians how they will be funded,” she argued.
“Given his own pessimistic economic assessment, the expectation would have been for the government to stabilize the economy first before announcing major spending initiatives.”
She warned that Mahama’s policies signal a return to what she described as the NDC’s high-spending approach, which led Ghana into an IMF bailout in 2015.
“Instead of focusing on sustaining and improving growing confidence in the economy, the President is committing to large-scale social programs without a sustainable funding plan. This is a dangerous fiscal path.”
Osei-Asare also dismissed Mahama’s call for a National Economic Dialogue, suggesting it was more of a political maneuver than a sincere attempt at consensus-building.
“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.”
She concluded by emphasizing the need for responsible economic planning and strong leadership.
“Ghana does not need more rhetoric—it needs a vibrant private sector, fiscal discipline, and policies that empower individuals to thrive. A leader who spends too much time looking back will eventually stumble. Ghana needs vision, not obsession with the past.”
SOURCE: DAILY MAIL GH
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