The fact and data always support the narrative that former President John Mahama actually went to the IMF because of Fiscal Indiscipline anchored on Pure Incompetence and Not because of lack of Resources.
According to the International Monetary Fund, the NDC government under John Mahama came to the IMF for economic bailout because of:
1. Fiscal Indiscipline due to the mismanagement of the economy.
2. Domestic economic crisis caused by DUMSOR.
3. Lack of Investor Confidence due to poor economic indicators and conditions.
4. Misuses and Waste of Public funds influenced by create, loot and share scheme.
Before considering going to the IMF in 2014/2015, John Mahama himself in his State of the Nation address to Parliament on Thursday, February 21, 2013 declared to Ghanaians that and I quote, “…. Mr. Speaker, the meat is now down to the bones and it is time for serious rethinking…”
Interestingly, Mr John Mahama on July 24, 2021, publicly opined that, “Prof. Mills’ legacy in Ghana’s economic history is unmatched” . He went on to state that, “although the Presidency of the late Prof. Mills was a short one, the level of socio-economic development chalked under his tenure cannot be overstated”.
Mr John Mahama inherited economic growth of 14% from Prof. Mills and before John Mahama left office in December 2016, the economic growth of Ghana was 3.37%.
The economic growth under the 4year mandate of John Mahama WITHOUT global economic crisis such as COVID-19 and Russia-Ukraine War were as follows:
2013—- 7.31%
2014—- 2.86%
2015—– 2.12%
2016—– 3.37%
Akufo-Addo’s Government inherited 3.37% economic growth from John Mahama and quickly increased it to 8.13% in 2017.
John Mahama inherited a single digit Inflation rate of 8.8% from Prof. Mills and before John Mahama left in December 2016, the inflation rate of Ghana was 15.4%.
At the end of the first 4year mandate of Akufo-Addo’s Government, Inflation rate of 15.4% inherited from John Mahama was reduced to 10.4% in December, 2020.
John Mahama inherited massive resources from Prof. Mills coupled with good economic indicators according to the words of John Mahama himself but sadly and unfortunately these resources were misused or wasted on the:
1. Payment of judgement debts.
2. Woyome Scandal
3. Isofoton Scandal
4. Gyeeda Scandal
5. NSS Scandal
6. Brazil World Cup Scandal
7. SADA Scandal
8. Bus Branding Scandal
9. Airbus Scandal
10. Slay Queens Scandal
Indeed, John Mahama’s administration chopped all the bones and meat of the national economy of Ghana before leaving office on January 6th, 2017.
It is therefore out of ignorance, mischief and historical illiteracy for the National Communication Officer of the NDC to state that Mahama went to the IMF because he didn’t have resources Akufo-Addo has. This is clearly a myopic thinking.
One may ask, what resources did John Mahama passed on to Akufo-Addo to work with on January 2017? Is it the economic bone resources?
For the avoidance of doubt, Akufo-Addo’s Government is seeking IMF support because of the adverse impact of global COVID-19 and Russia-Ukraine War.
On the other hand, John Mahama went to the IMF after chopping all the meat and bones of the economy inherited from Prof. John Evans Atta-Mills.
Razak Kojo Poku, President,CVM
