Mahama’s first year leaves Ghana’s economy stronger – Kwakye Ofosu

President John Dramani Mahama has placed Ghana’s economy on a far stronger footing within his first year in office, according to Minister for Government Communications, Felix Kwakye Ofosu.

Kwakye Ofosu made the assessment during an interview on TV3’s Hot Issues while reviewing President Mahama’s first year of his second term, arguing that economic conditions have markedly improved compared to the period before the NDC assumed power.

“I think any objective observer would agree that the country is in a much better position than it was when we took over power,” he said, pointing to economic management as a decisive factor for voters in the last election. “Look at the economy for instance and the economy is important because that was the single most important item for the Ghanaian voter barely a year ago.”

The Government Communications Minister insisted that key economic indicators now show clear signs of recovery and stability. “All the things that we use to measure the performance of an economy are pointing in the right direction,” he stated, adding that the administration’s record is open to public scrutiny.

Kwakye Ofosu argued that the NDC government has lived up to the promises it made to Ghanaians, stressing that progress can be assessed by comparing present conditions with those inherited a year earlier.

“I think that we have acquitted ourselves quite well, and it is fairly easy to measure this sort of performance. You just need to look at where the country was barely a year ago and where we are now,” he emphasised.

He highlighted a reduction in the cost of living as one of the most visible outcomes of the government’s economic interventions. According to him, prices of goods across several sectors have eased, offering relief to households that had been under sustained pressure.

A major factor, he said, has been the turnaround in the performance of the local currency. “There’s evidence in the reduction of the cost of living through the reduction in prices. The depreciation of the currency, which was a perennial problem and was one of the things that used to worry our economy the most, has been brought under control,” Kwakye Ofosu noted.

He described the cedi’s performance as unprecedented in recent years, saying, “For the first time in many years that I can remember, the Cedi is going to record an annual appreciation of close to 30%.”

Kwakye Ofosu maintained that the stronger currency has directly contributed to easing inflationary pressures.

“This has led to a lowering of prices across many sectors,” he said, expressing confidence that sustained stability will deepen the gains recorded so far.

During the interview, he acknowledged that it was going to take more than the stability of the cedi to bring down food prices on the market. He said there had to be substantial investments in food and agriculture to complement the government’s efforts to bring relief to Ghanaian families.