The Institute of Progressive Governance (IPG) has released a statement asserting that President Nana Akufo-Addo’s economic growth record significantly surpasses that of former President John Mahama.
According to IPG, the think tank’s analysis of economic performance since 1992 reveals a clear contrast between the two administrations. The statement detailed the economic growth rates during Mahama’s presidency, highlighting challenges and improvements.
In 2013, Mahama’s first year in office, the economy grew by 7.24%. However, by 2014, the growth rate had dropped to 2.86%, further declining to 2.12% in 2015 due to debt unsustainability, severe drought, and power outages.
The economy showed modest improvement in 2016, growing at 3.37%. Overall, Mahama’s administration had an average economic growth rate of 3.90%, the lowest under the Fourth Republic, according to IPG.
In contrast, President Akufo-Addo’s tenure saw a notable improvement in economic performance. The economy grew by 8.13% in 2017, primarily driven by an expansion in oil production—a continuation of efforts started during Mahama’s presidency.
Without the oil sector’s contribution, the growth rate would have been 4.63%. Excluding oil effects, the economy grew 6.05% in 2018 and 5.83% in 2019. The average growth rate for Akufo-Addo’s first term was 5.34%, surpassing Mahama’s average.
During Akufo-Addo’s second term, the economy began to recover from the COVID-19 pandemic, with a growth rate of 5.36% in 2021. However, this recovery was interrupted by challenges, including exchange rate volatility and inflation, leading to a growth rate of 3.08% in 2022.
The situation further deteriorated in 2023, with the economy growing at 2.90% against an IMF forecast of 1.5%. Despite these setbacks, early 2024 showed signs of recovery, with a growth rate of 4.7% in the first quarter.
IPG’s statement concludes that, despite recent difficulties, Akufo-Addo’s second-term average growth rate is expected to surpass Mahama’s record-low average of 3.90%.
The IPG, using data from the Bank of Ghana, aims to provide a comprehensive economic analysis to educate the public about the performance of various administrations.
