Member of Parliament for Manso Nkwanta, Tweneboah Fokuo, has defended the state of the economy handed over by former President Nana Akufo-Addo, countering accusations of economic mismanagement by President John Dramani Mahama.
Mahama recently criticized the Akufo-Addo/Bawumia administration, accusing it of “criminally mishandling” the economy.
Speaking at the National Tripartite Committee meeting on Thursday, February 20, held at the Ministry of Labour, Jobs, and Employment, where the government announced a 10% increase in base pay for public sector workers (effective March 2025), Mahama expressed shock at the state of the economy he inherited.
“We all knew the economy was in crisis, but some of the things I am uncovering myself have been a criminal mishandling of our economy. Ghana is now a crime scene. How can a government be so reckless? I cannot understand,” Mahama stated
Fokuo Highlights Economic Gains
However, in an interview on The Big Issue on Channel One TV on Saturday, February 22, Fokuo defended the economic record of the previous administration, citing its resilience despite global challenges like COVID-19.
“You have an economy that suffered significantly during COVID, rebounded, and still managed to hand over real GDP growth of 4%, which is really decent,” he argued.
Fokuo also pointed to the balance of payments, stating that the government ended the year with a positive $3.1 billion balance.
“Handing over a balance of payment very strong, balance of payment of $3.1 billion, very strong end of the year,” he noted.
Stock Market Performance as an Indicator
Fokuo further emphasized the performance of Ghana’s stock exchange as a sign of economic health, highlighting a 56.2% year-on-year growth in the composite index
“One of the litmus tests of an economy is its stock exchange. The composite index there year on year grew by 56.2%. This is a fact. The market capitalization significantly improved,” he stated.
He also cited improvements in public sector wages, noting that the Akufo-Addo administration increased wages by 30% in 2023 and 25% in 2024.
“All these, you call this economy as having been mismanaged. Then I mean, what figures are we working on?” he questioned.
Commendation for Akufo-Addo
Fokuo commended former President Akufo-Addo for his economic stewardship and commitment to public sector workers.
“I will commend the ex-president for showing the love and demonstrating it through the payment he made to public sector workers and the fact that he handed over an economy that was really strong,” he said.
Despite the ongoing debate over the economy’s true state, Fokuo maintained that the previous government’s economic policies laid a solid foundation for growth.
Source: citinewsroom.com
