Akufo-Addo inherited a better economy from Mahama but destroyed it – Suhuyini
Tamale North MP Alhassan Suhuyuni said former President John Dramani Mahama left President Nana Addo Dankwa Akufo-Addo with a better managed economy.
However, he said, Mr. Akufo-Addo does not present the same economy he inherited to Ghanaians.
“The economy they inherited was better than the one they present to us today. They just need to improve what is happening now according to what the rating agencies have presented,” he said on Key Points on TV3 on Saturday February 12.
He added that “they got more income and resources, but the economy is worse than before.”
Recently, President Nana Addo Dankwa Akufo-Addo said the economy under him amid the coronavirus pandemic was better than what Mr Mahama left behind.
He expressed his commitment to building the local economy to improve the standard of living of the people despite the pandemic.
Akufo-Addo said his administration has managed the economy, despite the ravages of the coronavirus pandemic, better than what his predecessor John Mahama gave him.
He was speaking during this year’s presentation of New Year’s greetings from members of the diplomatic corps at the Peduase Lodge in the Eastern Region on Wednesday, February 9.
He said: “Thanks to government policies, the economy grew at the provisional rate of 5.2% in the first three quarters of 2020.
“This growth should be sustained over the medium term,” he said.
He added: “Overall medium-term real GDP is projected to grow by an average of 5.6% and we remain committed to moving towards the target fiscal deficit threshold as enshrined in the Fiscal Responsibility Act, ACT. 982 from this year on. We will continue to promote inclusive growth, encourage investment and improve the standard of living of Ghanaians.
“It is encouraging for me and my party, the New Patriotic Party (NPP) to recall that the growth rate of the economy, 5.6% in the context of the exceptionally difficult circumstances of the Covid era, is still considerably better. than the 3.4% we inherited from our predecessor’s administration.
Mr. Akufo-Addo’s comments come at a time when former President John Dramani Mahama had blamed him for the challenges currently facing the economy.
M accused the government of lavishness and recklessness over election-related spending in 2020.
In a statement, the NDC presidential candidate for the 2020 elections said: “There is no doubt that the Ghanaian economy is going through a deep crisis, a crisis marked by huge budget deficits, unsustainable public debt, spiraling inflation rising, a rapidly depreciating currency, ever-increasing cost of living and a loss of confidence on the part of the national and international investment communities.
“Yet President Nana Akufo-Addo and his head of the economic management team, rather appallingly, remain nonchalant in the face of this grave crisis and have limited their response to the imposition of very harsh and regressive fiscal measures, including one is the E-Levy, which has been categorically rejected by the Ghanaian people.
“Like someone drowning and clinging to straw to stay afloat, this government has pinned its hopes on the E-Levy, which, given the severity and depth of the problems that have beset our economy, is neither adequate nor viable as a sustainable response to the crisis.
In the face of this severe crisis, the government has also resorted to unnecessary political posturing regarding suggestions on how to stem the downward spiral, ensure discipline and help the economy recover.
“The knowledge shared in Senchi crystallized in our local fiscal consolidation program, which we eventually presented to the IMF for its support. The IMF fully agreed with our internal strategy, the implementation of which restored the stability of the economy and laid the solid foundations from which this government, just as the World Bank predicted in 2016, has benefited between 2017 and 2020.
“But for the profligacy and also the reckless election-related spending in 2020, which undermined all the progress that had been made, our economy would not have taken the catastrophic plunge it did and would have left us all reeling. . The Akufo-Addo administration in 2020/21 received and misapplied the biggest windfall or bailout in Ghana’s history: a $1 billion concessional facility from the IMF, an additional $1 billion in SDR allocation, 430 million dollars from the World Bank, 250 million dollars from the Stabilization Fund, 10 billion gh¢ from the Central Bank. This amounted to a total of approximately 33 billion gh¢.