Mahama’s 2025 budget full of lamentations – IPG
Dr George Domfe, emphasised that the 2025 budget failed to give Ghanaians hope and is filled with lamentations
The Institute of Progress Governance (IPG) has described the 2025 budgetary statement of President Mahama, which was read on his behalf by the Finance Minister, as being filled with lamentations.
Reacting to the 2025 budgetary statement presented by the Finance Minister, Dr. George Domfe, the Executive Director of IPG, emphasized that the budget failed to give Ghanaians hope and is filled with lamentations.
“The finance minister created the impression that the Ghanaian economy was run aground by the erstwhile Akufo-Addo administration. The minister also lamented the alarming rate of unemployment left behind by the Akufo-Addo administration.
“Data from the Bank of Ghana and the Ministry of Finance clearly provide a very different picture. Nana Akufo-Addo left the economy growing at 5.7% in 2024 whereas Mr. Mahama left it growing at 3.4% in 2016.
“On the unemployment, Mahama left an official unemployment rate (narrow measure) of 5.2% and President Akufo-Addo reduced it to 3% by the end of the year 2023,” Dr Domfe said.
Whilst acknowledging that unemployment is still a problem, Dr Domfe commended Ghana Statistical Service for using a broad measure to recently capture unemployment at 14.7%.
“It is wrong for President Mahama and the NDC ministers to use 2016 narrow measure of 5.2% to compare to 2023 broad measure of 14.7%. I don’t expect the President to make such basic mistakes!”
“On Budget Deficit, the NDC left it at 9.0% on a cash basis in 2016 whereas the NPP left it at 5.2% (on cash basis) and 7.9% (on commitment basis) in 2024. “This renders NPP performance as superior” he explained.
Dr Domfe also indicated that NPP again performed better with the Gross External Reserves. “Whilst NDC left it at 2.8 month import cover (about $6.1 billion), NPP left a 4 month import cover (about $ 8.98billion). “The difference is clear in terms of who managed the economy better” He explained.
On debt to GDP, the IPG boss indicated that Mahama left the figure at 73.3% (in 2006 constant prices) in 2016 with Ghana’s debt being unsustainble. The country was plunged into debt crises in 2014 and in April 2015, we quickly run to IMF for external credibility.
Dr Domfe explained that while Ghana’s debt had remained unsustainable since 2020, the country is now out of danger with a debt-to-GDP of 61.8% at the end of 2024.
The Development Economist and Senior Research Fellow at the Centre for Social Policy Studies (CSPS) at the College of Humanities, University of Ghana, concluded that President Mahama’s claim of the economy having been criminally managed is, therefore, untrue.
“Looking at the data which is verifiable from the Bank of Ghana, Finance Ministry and the IMF, President Mahama’s claim that the economy was criminally managed is far from the truth” the IPG boss concluded.
Asaase Broadcasting Company airs on Asaase 99.5 Accra, Asaase 98.5 Kumasi, Asaase 99.7 Tamale, Asaase 100.3 Cape Coast, AsaasePa 107.3 (Accra).
Affiliates: Bawku FM 101.5, Bead FM 99.9 (Bimbilla), Mining City Radio 89.5 (Tarkwa), Nandom FM 101.9, Nyatefe Radio 94.5 (Dzodze), Sissala Radio 96.3 (Tumu), Somuaa FM 89.9 (Gushegu), Stone City 90.7 (Ho) and Wale FM 106.9 (Walewale).
Listen online: asaaseradio.com, Sound Garden and TuneIn.
Follow us:
X: @asaaseradio995, @Asaase985ksi, @Asaase997tamale, @asaase1003, asaasepa1073
Instagram: asaaseradio99.5, asaase985ksi, asaase100.3, asaase99.7tamale, asaasepa107.3
LinkedIn: company/asaaseradio995. TikTok: @asaaseradio99.5
Facebook: asaase99.5, asaase985ksi, Asaase100.3, asaase99.7, AsaasePa107.3.
YouTube: AsaaseRadioXtra.
Join the conversation. Accra: call 020 000 9951/054 888 8995, WhatsApp 020 000 0995. Kumasi: call 059 415 7985 or call/WhatsApp 020 631 5260. Tamale: call/WhatsApp/SMS 053 554 6468. Cape Coast: call/WhatsApp 059 388 2652.
#AsaaseRadio
#AsaasePa
#TheVoiceofOurLand
