{"id":117126,"date":"2026-02-27T15:03:58","date_gmt":"2026-02-27T15:03:58","guid":{"rendered":"https:\/\/sotnews.agency\/?p=117126"},"modified":"2026-02-27T15:03:58","modified_gmt":"2026-02-27T15:03:58","slug":"kwakye-ofosu-defends-economic-record-criticises-previous-administration","status":"publish","type":"post","link":"https:\/\/sotnews.agency\/?p=117126","title":{"rendered":"Kwakye Ofosu defends economic record, criticises previous administration"},"content":{"rendered":"
\n
\n \t<\/i> Read Time:<\/span>1 Minute, 33 Second <\/div>\n\n <\/div>
\n

The Minister for Government Communications, Felix Kwakye Ofosu, has defended the government\u2019s economic performance while sharply criticising the state of the economy inherited from the previous administration. <\/p>\n

His comments followed President John Dramani Mahama\u2019s 2026 State of the Nation Address (SONA) on Friday.<\/p>\n

In an interview with Joy Business\u2019s George Wiafe, Mr Kwakye Ofosu said the prior government \u201cdid monumental damage to the Ghanaian economy,\u201d citing high inflation, debt levels, and exchange rate instability.<\/p>\n

\n

\u201cEverything was bad. Why is an inflation of 23% good? In any event, who took it to 54%? They did monumental damage to the Ghanaian economy and then reluctantly went to the IMF in an ambulance when they were limping,\u201d he said.<\/p>\n<\/blockquote>\n

The Minister described the IMF intervention under the former administration as a reluctant measure, noting that key fiscal benchmarks were missed, including primary balance and deficit targets.<\/p>\n

\n

\u201cThey missed some of the key targets and benchmarks that the IMF set. They missed their targets on a primary balance, they missed their targets on deficits and other such indicators. So the economy we inherited was not good,\u201d he said.<\/p>\n<\/blockquote>\n

He highlighted the economic indicators at the time, noting that the US dollar exchange rate stood at around GH\u00a215 per dollar, inflation was 23%, and national debt exceeded GH\u00a2700 billion.<\/p>\n

\n

\u201cThere was no indicator that you could say was in good shape,\u201d he said.<\/p>\n<\/blockquote>\n

Mr Kwakye Ofosu emphasised that the current administration\u2019s adherence to fiscal discipline has stabilised the economy and delivered tangible improvements to the lives of ordinary Ghanaians.<\/p>\n

\n

\u201cWe have come in, adhered to the principles of fiscal discipline which they lacked \u2014 that was the fundamental problem they faced. We have improved upon the situation and it has led to a situation where those improvements have translated into the lives of the people of Ghana,\u201d he stated.<\/p>\n<\/blockquote>\n<\/div>\n

\n
\n \n
\n \n \"Happy\"\n <\/a>\n
\n Happy <\/div>\n
\n 0<\/span>\n \n 0<\/span> %<\/span>\n <\/div>\n <\/div>\n\n
\n \n \"Sad\"\n <\/a>\n
\n Sad <\/div>\n
\n 0<\/span>\n 0<\/span> %<\/span>\n <\/div>\n <\/div>\n\n
\n \n \"Excited\"\n <\/a>\n
\n Excited <\/div>\n
\n 0<\/span>\n 0<\/span> %<\/span>\n <\/div>\n <\/div>\n\n
\n \n \"Sleepy\"\n <\/a>\n
\n Sleepy <\/div>\n
\n 0<\/span>\n \n 0<\/span> %<\/span>\n <\/div>\n <\/div>\n\n
\n \n \"Angry\"\n <\/a>\n
Angry<\/div>\n
\n 0<\/span>\n 0<\/span> %<\/span>\n \n <\/div>\n <\/div>\n\n
\n \n \"Surprise\"\n <\/a>\n
Surprise<\/div>\n
\n 0<\/span>\n 0<\/span> %<\/span>\n <\/div>\n <\/div>\n\n <\/div>\n <\/div>\n\n ","protected":false},"excerpt":{"rendered":"
The Minister for Government Communications, Felix Kwakye Ofosu, has defended the government\u2019s economic performance while sharply criticising the state of the economy inherited from the previous administration.<\/div>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"rop_custom_images_group":[],"rop_custom_messages_group":[],"rop_publish_now":"initial","rop_publish_now_accounts":{"facebook_2277560469115098_106292521332774":"","twitter_aToxNzczMzI3Njk4OTg4ODUxMjAxOw==_1773327698988851200":""},"rop_publish_now_history":[],"rop_publish_now_status":"pending","_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[1879,1883,10,9],"tags":[],"class_list":["post-117126","post","type-post","status-publish","format-standard","hentry","category-kwakye-ofosu","category-national","category-politics","category-popular"],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/sotnews.agency\/index.php?rest_route=\/wp\/v2\/posts\/117126","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/sotnews.agency\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/sotnews.agency\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/sotnews.agency\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/sotnews.agency\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=117126"}],"version-history":[{"count":0,"href":"https:\/\/sotnews.agency\/index.php?rest_route=\/wp\/v2\/posts\/117126\/revisions"}],"wp:attachment":[{"href":"https:\/\/sotnews.agency\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=117126"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/sotnews.agency\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=117126"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/sotnews.agency\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=117126"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}