The ex-president, who is leading the National Democratic Congress (NDC) into the 2020 election noted that people are now buying fewer goods than they used to buy in the past.
Mr Mahama made the comments when he was addressing market women in Sogokope in the Volta Region.
His comments were also in response to the Finance Minister, Ken Ofori-Atta, who said in a media interview that Ghana is broke.
He told the market women: "“You are selling oysters, shrimps and so many other things. Nobody needs to come and tell you that the economy is not doing well. Everybody selling something today can see that they making less sales than they used to do in the past and that is because times are hard. People came and told us that the money is there, that we were sitting on money but yet hungry.
"Today the Finance Minister tells us that everyone knows that Ghana is broke. The NPP president in 2016 told us we are sitting on money but still hungry, so why is the Finance Minister saying Ghana is broke?”