Dr. Sammy Ayeh, Presidential Aide for Government Communications, has sharply rebutted recent opposition claims regarding the state of Ghana’s economy, describing them as “low-level propaganda” that ignore the factual record. Speaking on Breakfast Review on GHOne TV, Dr. Ayeh emphasised that the New Democratic Congress (NDC) government under President John Mahama has made significant strides in stabilising and revitalising the economy, contrasting these achievements with the challenges left by the previous administration.
Addressing assertions that the NDC’s foreign exchange interventions were unsustainable, Dr. Ayeh questioned the timing of the criticism. “Did he arrive in Ghana only yesterday?” he asked, pointing out that the New Patriotic Party (NPP) government injected $7.4 billion into the economy between 2017 and 2024, yet failed to prevent economic instability. He noted that if foreign exchange injections alone could stabilise an economy, the previous administration would not have overseen domestic debt exchange programmes exceeding 100 billion Ghana cedis, or allowed the cedi to reach 17 to the dollar and fuel prices to surge from 14 cedis in 2016 to 72 cedis in 2024.
Dr. Ayeh argued that the current economic progress represents a significant improvement, highlighting that investments under the NDC have reduced the national debt by over 100 billion Ghana cedis, lowering the debt-to-GDP ratio from 61 percent to 45 percent. He also pointed to substantial injections into strategic institutions, including nearly 11 billion Ghana cedis through the Gold Board, which have strengthened the financial system and enhanced public revenues.
“Injection of forex alone does not save an economy,” he said. “If it did, we would not have seen such dramatic volatility under the previous administration. Cheap propaganda from top to bottom will not suffice.” Dr. Ayeh emphasised that economic indicators, not rhetoric, provide an accurate measure of progress.
He further stressed the government’s success in institutional revival. Citing the National Investment Bank (NIB), Dr. Ayeh noted that the NPP had projected a 39 million cedi loss, while the NDC’s intervention—including a 1.9 billion cedi injection—resulted in a 146 million cedi profit by September 2025. Similarly, other state-owned enterprises previously deemed non-viable have been revitalised, reflecting the administration’s commitment to sound fiscal management and operational efficiency.
Dr. Ayeh also highlighted currency performance, noting that the cedi has experienced an average appreciation of 41 percent under the current government, with Bloomberg recognising it as Africa’s best-performing currency in 2024. “We are witnessing real, measurable growth and currency appreciation. This is not just rhetoric—it’s progress that directly benefits Ghanaian citizens,” he said.
He dismissed claims by the opposition that economic gains are not novel. “They were in power for eight years, inherited an economy with 120 billion Ghana cedis in national debt, and allowed it to rise to 726 billion cedis. Were they better managers? Today, under our government, we are reducing debt, strengthening institutions, and stabilising the currency,” he said.
Dr. Ayeh criticised opposition narratives suggesting that Ghana’s current economic performance is routine. He noted that key spokespeople of the NPP themselves were surprised by the sustained cedi appreciation over several months, and that previous administrations had failed to achieve comparable results. “They claim depreciation is an annual ritual, but these results are unprecedented under the NDC,” he added.
The aide also stressed that economic interventions extend beyond fiscal measures to structural and infrastructure development. “When it comes to hospitals and healthcare infrastructure, the NDC government has demonstrated competence. The MPP were latecomers in this regard,” he said, citing ongoing public sector projects as evidence of the government’s commitment to social and economic development.
Dr. Ayeh reiterated that the administration’s agenda is aimed at long-term stability rather than temporary fixes. He explained that the government’s strategy combines fiscal discipline, strategic investments, and institutional strengthening to ensure that economic gains are sustainable and inclusive. “We are building a foundation for continued growth. Our policies are designed to create jobs, enhance public services, and ensure economic resilience,” he said.
He dismissed opposition claims that current economic measures are comparable to those of the previous government, stressing that the NDC has delivered tangible results. “The numbers speak for themselves: currency appreciation, debt reduction, revitalisation of key institutions, and improved public infrastructure,” he said. “This is evidence-based progress, not political rhetoric.”
Dr. Ayeh concluded by reaffirming the government’s commitment to maintaining and expanding its economic agenda. “We will continue with this strategy, ensuring that investments, institutional reforms, and public service initiatives remain priorities. There is no difficulty in executing this plan,” he said. He warned that opposition attempts to undermine public confidence with selective rhetoric will not succeed, emphasising that economic results are measured by outcomes, not statements.
The NDC government’s focus on fiscal prudence, structural reforms, and strategic investments is central to its efforts to stabilise the economy and improve living standards. By reviving state-owned enterprises, reducing national debt, and strengthening the cedi, the administration aims to provide tangible benefits to Ghanaians while countering claims that economic improvements are unsustainable or politically motivated.