The Minority in Parliament has strongly criticised President John Dramani Mahama’s State of the Nation Address (SONA), arguing that it has reversed the economic gains made in recent years, particularly in restoring investor confidence.

They contend that the President’s portrayal of the economy as mismanaged contradicts available data and risks derailing progress made in collaboration with international stakeholders.

Addressing the media on the "True State of Nation Address" on Monday, March 3, former Finance Minister Mohammed Amin Adam expressed concerns that the President’s remarks could have far-reaching implications on Ghana’s economic stability.

“As a country, we have come a long way, working closely with our key stakeholders, including the IMF, World Bank, the African Development Bank, bilateral partners, and domestic and international investors.

“More importantly, the Ghanaian people have sacrificed so much to see us get this far. However, the President’s SONA has reversed the gains made, especially towards building confidence with investors,” he noted.

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Mr Amin Adam argued that the President’s characterisation of the economy as being in crisis ignores the reality of Ghana’s recovery from the worst economic downturn in recent history, which was exacerbated by the global crisis between 2020 and 2022. They accused President Mahama of sending a discouraging message to investors who had begun to see signs of economic resurgence.

“What the President has done is like putting a gun to one’s head and pulling the trigger. Investors had felt the hope of a resurging economy and were looking forward to new policies that would consolidate the gains. Instead, the President has effectively told them to go away by claiming the economy is in crisis, contrary to the evidence.”

They further emphasised that the cost-of-living crisis is a global phenomenon and should not be used as a justification to discredit the economy. The Minority pointed out that while President Mahama assured labour unions that he was addressing economic challenges, his actions did not align with his words.

He added, “He [President Mahama] went to a meeting with labour union leaders, assuring them that he was on top of his job, only to offer them a 10% increase in base pay. Yet his predecessor, without such drama, provided a 23% increase from January to June and 25% from July to December 2024 in an economy that he [Mahama] calls ‘criminally mismanaged.’”

They also took a swipe at the President’s much-publicised 24-hour economy initiative, arguing that it lacked substantive strategies to create sustainable employment.