We Have Not Turned Any Corner – Mahama Disputes Ofori Atta's Claim On Economic Progress

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(John Dramani Mahama)

John Dramani Mahama, the flagbearer of the opposition National Democratic Congress (NDC), has vehemently refuted claims made by Finance Minister Ken Ofori-Atta regarding Ghana’s economic trajectory, insisting that the present economic conditions speak otherwise. Speaking at the 9th Ghana CEO Network Business Cocktail, the former President emphasized his concerns about the prevailing economic challenges faced by businesses and citizens across the country.

READ ALSO: Mahama Pledges to Halt Mining Activities In Forest Reserves

Contrary to the Finance Minister's expressions of optimism regarding the country's economic revitalization, Mahama highlighted the continued crisis faced by numerous businesses, stating, "Many businesses still bear the brunt of the economic meltdown. This is because, contrary to the Finance Minister’s assertion, we have not turned any corner, and 2024 will be a very challenging year."


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The former President elucidated these challenges, identifying business closures, worker layoffs, delayed international funding, and the repercussions of the country's debt default as pressing issues contributing to the economic strain faced by Ghanaians. He further accused the current government of steering the economy into tumult through ill-conceived policies, citing adverse effects on major infrastructure projects, the energy sector, and the overall business environment.

READ ALSO: 2024 Budget: Support Proposed Measures In Budget - Ken-Ofori Attah To MPs

Addressing specific effects of the economic predicament, Mahama noted the impact of the nation's debt default, which has led to stalled infrastructure projects and significant threats to the operations of Independent Power Producers, ultimately resulting in potential power disruptions for citizens. Moreover, he criticized the introduction of new taxes in the 2024 budget, expressing concerns about their implications for Ghanaian businesses and their competitiveness, particularly when coupled with high interest rates.

Underscoring the need for a change in the current economic trajectory, Mahama advocated for a comprehensive overhaul, emphasizing his proposed strategies for achieving stability, expansion of economic activities, job creation, and growth. He pledged to enforce fiscal discipline, minimize government expenditure, and enhance agency efficiency—measures aimed at reviving the economy and fostering a more favorable environment for businesses and citizens alike.

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