The Deputy General Secretary of the New Patriotic Party (NPP) asserts that the party's track record in managing the economy speaks for itself.

He argues that the NPP has effectively handled the economy, even in the face of significant challenges such as COVID-19 and the Russia-Ukraine war, which have the potential to cripple the economy.

Speaking on Joy FM’s Top Story on July 29, he said “It is very clear that this government has managed the economy very well to the period that there was economic crisis.

“Even in the world performance stage countries were recording negatives …but we grew about 25%”

His comments come on the back of a former Deputy Finance Minister and Member of Parliament for Obuasi West in the Ashanti Region, Kwaku Kwarteng likening the management of Ghana's economy to a Ponzi scheme.

• Read also: Ghana’s economy is run like a Ponzi scheme – Kwaku Kwarteng

According to him, the current economic challenges at both national and household levels stem from decades of poor governance, marked by political mismanagement and economic inefficiency across various administrations.

Mr Kwarteng made these comments in a statement issued on Thursday, July 25, captioned "To break the eight, we must first break the norm", in what looks like a direct piece of advice to his party the governing New Patriotic Party (NPP), and by extension all political parties.

But Mr Mohammed insists that Mr Kwarteng's reference to Ponzi scheme was to describe how the country borrows, lends, and pays back. He stressed that this applies to all political parties, not just the NPP.

“If you look at the loans that we have come to meet. Look at the take or pay. We have gone to revise the interest rate at which payment have been made and when you read his piece, it tells you that you go and borrow from one and come and use part of the money and pay high interest rate and our government has made sure that interest rate borrowing at high interest rate has not been a factor at all.

“We have to renegotiate some of these particular facilities to be able to reduce the payment. So yes it is true that he has made that particular statement but we have been very careful,” he insisted.