Alexander Afenyo-Markin, the Minority Leader, has claimed Ghana’s recent economic gains have nothing to do with the John Mahama-led government’s competence.
Addressing the press on Monday, January 26, the Minority Leader asserted that the IMF program, debt relief, rising commodity exports, and reduced government expenditure are the key drivers of the economic improvements.
Afenyo-Markin stated, “We have been told that the economy is doing well. That is not in doubt, but the question is: is the economy doing well because there is prudent management of our economy, or is it that this government has introduced some social intervention programs that have, in themselves, created an opportunity for young, ambitious Ghanaians?
“We hereby submit that the so-called gains were not born out of the government’s competence in the management of our economy. Rather, the IMF program, debt relief, rising commodity exports, and reduced expenditure are the major reasons for the upswing in Ghana’s economy, not a re-engineering of the economy,” he said.
Meanwhile, President John Dramani Mahama has said Ghana has become a poster child for the International Monetary Fund (IMF) and the World Bank.
According to President Mahama, his government and the IMF are surprised at the quick turnaround of Ghana’s economy.
He highlighted that anytime he meets the IMF officials and the World Bank Officials they do not believe what has happened in Ghana.
President Mahama noted that Ghana’s progress in the last year has received international recognition and admiration from other African countries, which are now studying Ghana’s policy choices.
Speaking on the state of the economy during the 23rd Anniversary and Thanksgiving Service of the First Sky Construction Company on Sunday, January 25, President Mahama stated, “I have done this job before, and the crisis we faced was extremely difficult. In my own estimation, I thought it would take about two years to see an economic turnaround. But this is how far God has brought us”.
“We are all surprised and shocked at the speed of the recovery. Whenever I meet IMF and World Bank officials, they are amazed at what has happened in Ghana. Today, Ghana has become something of a poster child for the IMF and the World Bank. Bringing inflation down from 23.8 per cent to 5.4 per cent within a year, and seeing the cedi appreciate by 37 per cent in the same period, can only be attributed to the grace of God,” the President added.
He added, “So when you go to other African countries, they say dont you see Ghana, don’t you see what Ghana has done. And that is why I say, it is by the grace of God.”
“In my own imagination, I thought that we would need about two years to begin to see a turnaround, that is what I thought, but Ebenezer, this is how far God has brought us,” he said.