Flagbearer of the opposition National Democratic Congress (NDC), John Dramani Mahama, has rejected Finance Minister Ken Ofori-Atta's claims that Ghana is on the path to overcoming its economic challenges.

During the 9th Ghana CEO Network Business Cocktail, the former President argued that the current state of the economy contradicts the Finance Minister's optimism.

In November, Ofori-Atta had expressed confidence, stating that the nation's economy is gradually recovering and that the government has laid a strong foundation for future prosperity. However, addressing a gathering of business leaders and professionals, Mahama voiced concerns about the persistent economic difficulties faced by many businesses.

Mahama highlighted that, in his view, the country's economy is in disarray, leading to widespread poverty among Ghanaians. Despite the Finance Minister's positive outlook, Mahama emphasized the challenging economic conditions experienced by the people and businesses in Ghana.

"Many businesses still bear the brunt of the economic meltdown. This is because, contrary to the Finance Minister’s assertion, we have not turned any corner, and 2024 will be a very challenging year,” he said on Thursday.

The former President underscored a range of concerns during his address, pointing out issues such as business closures, layoffs, delays in international funding, and the repercussions of the country's debt default.

In his critique, the opposition leader placed blame on the government for what he described as an economic catastrophe, attributing it to poorly executed policies.

He particularly highlighted the adverse effects on significant infrastructure projects, the energy sector, and the broader business environment. According to the flagbearer, these policy shortcomings have contributed to the challenging economic conditions faced by businesses and individuals in the country.

“As I speak, the second tranche of the IMF’s Extended Credit Facility, due on November 1, has still not been received because of a delay by our external creditors to sign off on our debt restructuring programme. Of course, the consequences of our debt default have also started manifesting.

“Major infrastructure projects have stopped because lenders have cut funding as a direct fallout from our debt default. Independent Power Producers continue to threaten power cuts due to mounting debts affecting their operations…Ghanaians face grave uncertainty if more of them follow suit,” he stated.

Addressing the recently approved budget, Mr. Mahama voiced criticism over the introduction of new taxes outlined in the 2024 budget. He expressed concern that these new tax measures, combined with elevated interest rates, would place a heavy burden on Ghanaian businesses, impeding their competitiveness.

The former President called for a shift in the current economic approach, asserting that the challenges faced by the country are a result of self-inflicted actions by the current government.

“As flagbearer of the National Democratic Congress, I have put forth several proposals to ensure that the economy is returned to a stable footing, and that economic activity is expanded for job creation and growth," Mahama stated.

He pledged to enforce fiscal discipline, cut government expenditure, and streamline agencies to enhance efficiency.