Independent Presidential aspirant Alan Kwadwo Kyerematen, criticized Finance Minister Ken Ofori-Atta, claiming that he cannot claim credit for the recent marginal improvements in the economy.

Despite facing challenges in 2022, including a 30-year high inflation rate of 54.1% and a decline in the Ghana cedi, the economy has shown signs of recovery. Inflation and interest rates have decreased, and the Ghana cedi has stabilized in the forex market.

Mr Kyerematen attributes the economic stability to the ongoing International Monetary Fund (IMF) program. He argues that Ofori-Atta cannot take credit for these positive developments since he opposed an IMF program, even when all indicators pointed towards a collapsing economy.

In February 2022, the Finance Minister told the nation at an E-levy town hall “I can say we are not going to the IMF. Whatever we do, we are not. The consequences are dire, we are a proud nation, we have the resources, we have the capacity. We are not people of short-sight, but we have to move on.”

Mr. Ofori-Atta has consistently asserted that Ghana's economy is undergoing a rebound and has successfully turned a corner. In the 2024 budget presentation on November 15, he highlighted positive indicators, stating, "we turned the corner when the 1 percent projected growth came to 3 percent in the first two quarters of this year. We turned the corner when the currency, which had been under severe pressure over the past two years, depreciated by a modest 6.4 percent in the past nine months compared to 53.3 percent during the same period in 2022."

However, Alan Kyerematen expressed a different perspective at the National Economic Summit last Friday, asserting that the Finance Minister should not be credited with the improvement in the economy.

“The Minister of Finance has no right to be taking credit for the marginal improvements that we are seeing in the economy. Because it is clear that he was against Ghana going to the IMF.”

“I can say with pride that I was one of the few senior leaders in government that made a decision that we had gotten to a point where we had no choice. That’s what leadership is about,” the former Cabinet Minister touted.

Alan Kyerematen is also urging caution against assumptions that the country is entirely out of economic challenges.

He emphasizes the importance of addressing the structural vulnerabilities of the economy to achieve a lasting solution to the cyclical economic challenges faced by the country.

Alan Kyerematen is also urging caution against assumptions that the country is entirely out of economic challenges. He emphasizes the importance of addressing the structural vulnerabilities of the economy to achieve a lasting solution to the cyclical economic challenges faced by the country.