Head of Corporate Communications at COCOBOD, Jerome Kwaku Sam, has stated that Ghana’s economy would have been significantly unstable if the New Patriotic Party (NPP) were currently in office managing it.
He asserts that the NPP’s record in economic management is abysmal and nothing to be proud of.
Mr. Sam explained that during the NPP administration, the world market price of crude oil was below $70 and even dipped below $60 at one point, yet the price of petrol was around GHC15 at the pump.
Speaking on Angel TV on Thursday, April 2, 2026, he underscored the contrast with the administration of President John Dramani Mahama, during which the world market price reached $120, but fuel is still sold at around GHC14.
He highlighted that when the NPP government was in charge, commodity prices rose sharply and attributed this to the Russia-Ukraine conflict.
“As of 2024, the international price of crude oil was below $70, and it even dropped below $60. Yet due to poor management of the cedi and the economy, the dollar rose to GHC15. Today, the international market has increased to $130, but fuel is still sold for GHC14 at the pump,” he stated.
Mr. Sam further added that the NPP’s era of mismanagement saw the country’s debt escalate from GHC120 billion to GHC800 billion, pushed lending rates up to 30%, and caused GDP figures to fluctuate, resulting in economic hardship.
He argued that increases in fuel prices are not solely due to external factors such as world market prices; internal factors that the country can control, particularly the exchange rate, also play a significant role.
He noted that President Mahama inherited a global environment marked by two conflicts, the ongoing Russia-Ukraine war and the Iran-Israel hostilities, yet he has managed the economy effectively through internal measures, which is why the economy is comparatively stable now.
“This means that during our challenging times, Mahama’s performance has demonstrated that, even amid the Iran-Israel-USA war, he has managed the economy more effectively than when the NPP was in power during the Russia-Ukraine war,” he added.
Source: Vanessa Elizabeth Nkum
