Mahama Will Fail The Economy By The End Of His Four Years - Seth Terkper

Seth Terkper, Ghana’s former Finance Minister and one-time economic advisor to former President John Mahama, has expressed concern that the country’s economic stability could quickly unravel if key structural weaknesses are left unresolved.

During an interview on JoyNews’ PM Express Business Edition, Terkper emphasized that economic stability should never be taken for granted.

He stated that “stability is never guaranteed,” stressing that it is unrealistic for any administration to believe it can complete an entire term without facing economic setbacks.

His comments align with a recent appeal by John Mahama, who encouraged the government to stay alert despite positive indications of recovery.

Terkper underscored the importance of strengthening national savings to create financial safeguards, noting that this process requires discipline and sacrifice but serves as a crucial shield during economic uncertainty.

He argued that lasting reforms should focus on preserving economic balance rather than simply attaining it.

According to Terkper, Ghana’s current tax-to-GDP ratio of roughly 15% remains below the ideal threshold for a middle-income nation, which he said should range between 17% and 18%.

He also cautioned that temporary tax relief policies, including the suspension of import duties, may undermine fiscal stability over time.

Referring to emergency levies introduced during the COVID-19 pandemic, Terkper said they played an important role in the crisis but warned against excessive dependence on such measures given the unpredictability of global shocks.

He further questioned the country’s preparedness for future emergencies, asking whether Ghana has the financial capacity to respond to potential threats such as Mpox. In his view, sound economic governance requires realistic thinking and long-term planning rather than politically motivated short-term decisions.