Former Deputy Finance Minister Stephen Amoah has strongly defended the New Patriotic Party’s (NPP) track record on economic management, insisting that no political party in Ghana can match its performance.
Speaking in an interview with Emmanuel Kwasi Afriyie on Good Afternoon Ghana on Metro TV Ghana, Dr Amoah acknowledged imperfections in the NPP’s governance but maintained that its economic credentials remain superior.
“In this country, when it comes to economic management, NPP… there’s no political party that can be compared to NPP,” he stated.
He rejected assertions that the party’s policies caused Ghana’s recent economic difficulties, attributing the downturn largely to global shocks such as the COVID-19 pandemic and the Russia-Ukraine war.
According to him, the same economic managers who were widely praised during the early years of the NPP administration cannot now be labelled incompetent.
“Wasn’t it the same government… we were growing at about 7% with inflation around 7%?” he questioned, pointing to what he described as strong macroeconomic performance in the party’s initial years in office.
Dr Amoah also defended the controversial Domestic Debt Exchange Programme, arguing that it was a necessary intervention to stabilise the economy during a crisis.
“When something happens and you cannot meet your obligations, restructuring becomes the only viable option,” he explained.
The Nhyiaeso Member of Parliament further claimed that by the end of 2024, the NPP government had already begun restoring macroeconomic stability, suggesting that current economic improvements are partly the result of policies implemented by the previous administration.
“Almost all the successes… it’s like pregnancy. You plant a seed and it begins to grow,” he said, implying continuity between past and present economic outcomes.
Despite his defence, Dr Amoah acknowledged that Ghana still faces deep-rooted structural challenges, including a narrow tax base and heavy reliance on imports, which continue to put pressure on the local currency.
“If you don’t know the amount of dollars circulating in the system, how do you control it?” he asked, highlighting concerns about foreign currency management.
He concluded that while the NPP made significant gains during its time in office, broader reforms are still needed to address longstanding weaknesses in Ghana’s economy.
