Abena Osei-Asare Responds to Mahama’s SONA, Defends NPP’s Economic Recovery

Former Minister of State at the Finance Ministry, Abena Osei-Asare, has sharply criticized President John Dramani Mahama’s recent State of the Nation Address (SONA), accusing him of ignoring the economic progress achieved under the previous NPP administration.

Osei-Asare, the MP for Atiwa East, accused Mahama of painting an overly bleak picture of the economy and failing to acknowledge the significant steps taken to stabilize the nation’s financial situation before he took office.

In her response, Osei-Asare emphasized that the NPP government had always been transparent about the challenges facing the economy but had taken decisive actions to put the country on a path of recovery.

She highlighted that, under the NPP’s tenure, the IMF had given the economy a clean bill of health, signaling substantial progress.

Osei-Asare countered Mahama’s claim that the financial sector was in poor shape, stating that the banking sector had actually seen considerable growth under the NPP.

She pointed out that total banking sector assets rose from GH¢81.2 billion in December 2016 to GH¢367.2 billion in October 2024, and that private sector credit increased by 28.8% in 2024, compared to a decline in 2023.

The former finance minister also rebutted Mahama’s criticism of Ghana’s foreign reserves, stating that the nation’s Gross International Reserves had increased from $5.9 billion in December 2023 to $7.7 billion in October 2024.

She explained that despite global pressures, the cedi had remained relatively stable.

Osei-Asare further dismissed Mahama’s narrative that the NPP had left a fiscal crisis, emphasizing that the NPP had left behind resources to meet early 2025 debt obligations, including the GH¢6 billion paid to bondholders.

She criticized Mahama for highlighting the $250 million in the sinking fund at the end of 2016, while ignoring the $1 billion in external debt repayments the NPP had to manage in 2017.

Responding to Mahama’s claim that the economy was “criminally handled” under the NPP, Osei-Asare pointed to strong economic indicators, such as a real GDP growth of 6.3% in 2024 and a positive primary balance of 0.4%. She noted that the NPP government had achieved positive results before the transition of power.

Osei-Asare also expressed concern over Mahama’s introduction of ambitious social programs without a clear funding strategy. She warned that the country could not afford a return to the excessive public spending practices of the past, which had led to the IMF bailout in 2015.

Regarding Mahama’s proposed National Economic Dialogue, Osei-Asare was skeptical, suggesting that it was more of a political strategy than a genuine attempt at constructive engagement. She urged the president to focus on implementing the policies he campaigned on rather than relying on endless consultations.

In conclusion, Osei-Asare called on Mahama to shift his focus from political blame to Ghana’s future. She reminded the president that while it is important to learn from the past, constant focus on it could hinder progress. She reiterated the NPP’s commitment to a future-focused agenda, urging leadership that empowers individuals and promotes sustainable policies for the growth of the country.