Former President John Mahama says Ghanaians are incensed by what he describes as the shifting positions of economic experts in government over economic statistics between 2016 and 2021.
According to him, 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 on social media.
It comes on the back of claims by government that the economic credentials are pointing to the right direction.
A statement from the Finance Ministry on Tuesday said, “In making their decision, the credit rating agencies considered Ghana’s improving growth prospects, resilient external sector performance, and continued access to the capital markets (domestic and international) as essential factors in maintaining the rating and the outlook.”
“Notably, the two rating agencies recognised the efforts of the government to ‘build back better’ through the innovative Ghana CARES (Obaatanpa) programme.
Furthermore, both credit rating agencies (Moody’s and S & P) acknowledge that Ghana’s economy is recovering from the effects of the pandemic faster than its peers.”
The statement added, “Hence, we should focus more on growth and the implementation of the Ghana CARES Programme. S & P, in particular, maintained Ghana’s rating on the back of the growing economic prospects and the relatively transparent and responsive political institutions.
“The stable outlook balances risks from fiscal and external financing pressures against the country’s medium-term economic growth prospects. Understandably, both credit rating agencies raised some concerns about Ghana’s debt affordability and levels. The government, however, is committed to debt sustainability and fiscal consolidation.
As such, between 2019 and 2021, the government has undertaken various liability management measures to proactively reduce the external debt stock and the interest expense burden. As a result, the government bought back and retired over US$900 million worth of Eurobonds which has reduced the external debt stock significantly.”