The Minority in Parliament has presented its own version of the State of the Nation Address, dubbed the ‘True State of the Nation,’ to respond to key economic issues raised by President John Mahama in his official address last Thursday.
Led by former Finance Minister Dr. Amin Adam, the Minority sought to set the record straight on Ghana’s economic performance, particularly in the financial sector.
Addressing the President’s assertion that “the financial sector continues to struggle despite the previous government reportedly spending GHS 29.9 billion on the financial sector clean-up exercise,” the Minority dismissed the statement as a misrepresentation of the facts.
Dr. Amin Adam emphasized that while the financial sector clean-up exercise had its challenges, it was a necessary intervention to prevent the collapse of the banking system, safeguard depositors’ funds, and stabilize the economy.
He argued that contrary to claims of mismanagement, the sector had shown remarkable recovery and growth.
Citing the Bank of Ghana’s January 2025 publication on economic and financial data, the Minority pointed to significant improvements in key financial indicators. These include a 33.8% annual growth in total financial sector assets by the end of 2024, a 28.8% rise in total deposits, and a 46.3% increase in core liquid assets to short-term liabilities.
Additionally, the Ghana Stock Exchange (GSE) All Share Index recorded a 56.2% year-to-date growth by December 2024, reflecting renewed investor confidence. Earnings and profitability ratios also showed positive trends, with Return on Assets before tax growing by 5% in December 2024 and Return on Equity after tax reaching 30.8%.
The Minority argued that these indicators reflect a robust and resilient financial sector, challenging President Mahama’s characterization of economic mismanagement. They further contended that Ghana’s broader economy—measured by real GDP growth, trade surpluses, and overall financial stability—remains strong.
The Minority concluded by calling on President Mahama to clarify the basis for his claims, insisting that the evidence suggests a well-managed financial sector and a growing economy.
