Your hypocrisy on Ghana’s economic figures worrying – Mahama chides experts

Former President John Mahama has disclosed that some economic experts are being hypocritical about Ghana’s current economic fortunes.

John Mahama

According to him, some of the economic milestones they are touting under the New Patriotic Party (NPP) government were criticized under him.

In a post on social media, Mr. Mahama said while these experts downplayed positive data during his tenure, they seek to make them a point of achievement under the Akufo-Addo government.

“Our people are galled by the hypocrisy of so-called economic experts, asking them in 2016 to forget about economic statistics and look at the escalation of prices of cement and other products on the market, and then today hearing the same experts in government hold-up statistics, inflation etc., and say that life is better for them. And that the perception of hardship in Ghana is a creation of Mahama,” the former President wrote.

This comes after Moody’s concurrently affirmed the B3 foreign currency senior unsecured debt ratings, the (P)B3 senior unsecured MTN programme rating and the B1 rating of the bond enhanced by a partial guarantee from the International Development Association (IDA, Aaa stable).

The B3 rating and negative outlook reflect Ghana’s high debt burden that is unlikely to fall rapidly, continued weak debt affordability, high gross borrowing requirements and ongoing liquidity challenges in the face of downside economic, social and financial risks in the aftermath of the coronavirus pandemic.

The rating affirmation also takes into account improving growth prospects, resilient external sector performance and Ghana’s continued access to domestic and international capital markets, supported by the government’s structural economic reform agenda to improve export competitiveness and broaden the revenue base.

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