Minister of Government Communications Felix Kwakye Ofosu has said that claims that the economy is worse than when the NDC administration took over cannot be supported by facts.
He pointed out that prices of food items and building materials have dropped under the Mahama administration, compared to what happened under the previous NPP government.
“There can be no credible claim that this economy is worse than what we took over,” he said on the Key Points on TV3 Saturday, February 28.
He added, “Prices have reduced.”
His comment follows the criticisms that former Finance Minister Dr Mohammed Amin Adams levelled against the state of the National Address (SONA) delivered by President John Dramani Mahama on Thursday, February 27.
Dr Amin Adam, Karaga lawmaker, said that Ghanaians are worse off currently than they were under the NPP administration.
President Mahama had stated in his address that the Exchange rate volatility has long been at the heart of the hardship Ghanaian households face.
“We made currency stability a priority, and we have delivered. We did not arrest the dollar; we strengthened the cedi to put up a good fight against the other currencies. I am pleased to report to this House that the cedi appreciated by 40.7% against the US dollar, 30.9% against the pound, and 24% against the euro.
“Mr. Speaker, Ghana’s economic turnaround is broad-based and comprehensive. All sectors of the Ghanaian economy have witnessed remarkable improvement in the first year of my return to the Presidency. Most importantly, Ghana’s economy has surpassed the $100 billion mark and is projected to place Ghana among the top 10 economies in Africa.
“Our reserves currently stand at $13.8 billion, covering 5.7 months of imports. A key driver of this development has been the establishment of the Ghana Gold Board. By formalising gold exports, we reduced smuggling, increased recorded exports in the artisanal and small-scale mining sector from 63.6 to 103 tonnes, and channelled foreign exchange into our economy. When the cedi stabilises, imported inflation falls. Businesses can plan more effectively, and household incomes improve.”
