Akufo-Addo outperforms Mahama in 10 out of 13 macroeconomic indicators

The outgoing Akufo-Addo administration notwithstanding the devastating economic impact of the COVID-19 pandemic has outperformed the erstwhile John Mahama government it took over from on 7 January 2017 in ten out of 13 macroeconomic indicators.

Data from the Ministry of Finance (MoF) and the Bank of Ghana (BoG) on Ghana’s macroeconomic performance from 2013 to 2024 show that between 2013 and 2016, under Mahama, overall GDP growth was 3.9%. However, between 2017 and 2023, GDP growth stood at 4.7%, and currently, as of the third quarter of 2024, overall GDP growth stands at 7.2%.

Agriculture GDP growth under the Mahama regime was 2.8% (2013 -2016). From 2017 to 2023, during the Akufo-Addo administration, it rose to 4.5%, and as of the third quarter of 2024, the growth of the agriculture sector stands at 5.9%.

Industry GDP growth as of the 3rd quarter of 2024 stands at 8.9% compared to the 3.31% under Mahama (2013 to 2016) and per capita income which was Ghc 5,933.00 ($1,412.00) in 2016, is GHc 24,544.00 ($2,066.00) as of 2023 under the Akufo-Addo government.

The budget deficit between 2013 and 2016 was 6.7%. It came down marginally to 6.55% under the Akufo-Addo regime between 2017 and 2023, but as if the third quarter of 2014, it stands at 3.4%. Primary Balance under the Mahama government (2013 to 2016) was -1.31%. It dropped to -0.79% (2017 to 2023), and as of the 3rd quarter of 2024, it is 0.5%.

In the area of trade balance, Mahama’s regime recorded negative (-)4.9. Between 2017 and 2023, the Akufo-Addo government brought it up to 2.8%, and currently, it stands at 3.0% (3rd quarter of 2024). The current account/GDP of the country from 2013 to 2016 under Mahama was negative (-)7. From 2017 to 2023, the Akufo-Addo administration brought it to 2.26%, and as of the 3rd quarter of 2024, it is at 2.6%.

The country’s gross international reserves ($m) was 5784 (2013 to 2016). Between 2017 and 2023, it stood 7639 and 7830 as of December 2024. The data also indicate that cumulative exchange rate depreciation under Atta-Mills/Mahama (2009 to 2016) was 73.8%, and under the Akufo-Addo government (2017 to 2024) it stands at 71.4%.

The three indicators in which the Mahama administration outperformed the Akufo-Addo government are first; Average 91-dsy treasury bill rate was 21.1% under Mahama and 25.9% under Akufo-Addo.

Second, inflation under the Mahama regime (2013 to 2016) was 15.8% and under the Akufo-Addo government as at November 2024, it stood at 23% and lastly, public debt as against GDP was 50.7% under the Mahama administration but rose to 69.07% (2017 to 2023) and currently stands at 74.6% as of the 3rd quarter of 2024.

Reporting by Wilberforce Asare in Accra

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