FACT-CHECK: Mahama Administration Inherited 4 Months of Import Cover, Not 2 Weeks as Claimed

In a recent interview that has drawn significant attention, presidential aide Dr. Sammy Ayeh made several claims about Ghana’s economic performance under President John Dramani Mahama’s administration compared to the previous government led by Nana Addo Dankwa Akufo-Addo. These claims, covering key economic indicators, have since been subjected to fact-checking.

Speaking on Kumasi-based Nhyira FM on November 5, 2025, Dr. Ayeh highlighted what he described as improvements in Ghana’s economic landscape since the transition of power in January 2025. However, an investigation by GhanaFact has revealed discrepancies in several of his assertions.

One of Dr. Ayeh’s claims focused on Ghana’s policy rate—the rate at which the Central Bank lends to commercial banks. He stated that when the current administration took office, the policy rate stood at 28% but has since decreased to 21.5%. While the current rate of 21.5% is accurate according to the Bank of Ghana’s September 2025 Monetary Policy report, official records show that the previous administration left office with the policy rate at 27%, not 28% as claimed.

The Bank of Ghana’s Monetary Policy reports from both November 2024 and January 2025 clearly stated: “Under the circumstances, the Monetary Policy Committee decided to keep the policy rate unchanged at 27.0 percent.” This subtle discrepancy earned Dr. Ayeh’s statement a “mixture” rating, as it contained both accurate and inaccurate elements.

Another claim addressed Ghana’s debt-to-GDP ratio, with Dr. Ayeh asserting that the current ratio stands at 44.9%—a significant improvement from what he claimed was a peak of 105% under the previous government. While the Bank of Ghana’s latest Summary of Economic and Financial data confirms the current 44.9% figure, historical records contradict his claim about the previous peak.

A comprehensive review of the Bank of Ghana’s data since 2017 reveals that the highest debt-to-GDP ratio recorded during the Akufo-Addo administration was 93.5% in November 2022—substantial, but still well below the 105% figure cited by Dr. Ayeh. This claim was also rated as a “mixture” of accurate and inaccurate information.

Perhaps most problematic was Dr. Ayeh’s assertion regarding Ghana’s import cover, which he claimed had improved from just two weeks under the previous government to four months under the current administration. Import cover represents the number of months a country can continue importing goods and services based on its foreign exchange reserves.

This claim was rated entirely false. The Bank of Ghana’s 2024 annual report, released in January 2025, clearly stated that Ghana’s Gross International Reserves stood at $8.98 billion, equivalent to four months of import cover at the time of the transition of power. This figure was further corroborated by Finance Minister Cassiel Ato Forson in the 2025 budget presented to Parliament in March.

“Mr. Speaker, Gross International Reserves increased to a stock position of US$8.98 billion at the end of 2024 and was enough to cover 4 months of imports, exceeding the target floor of 3 months of imports cover,” the Finance Minister stated in his budget speech.

The revelation that the Mahama administration actually inherited four months of import cover—not two weeks as claimed—represents a significant factual error in Dr. Ayeh’s economic narrative.

These fact-checking results highlight the importance of scrutinizing political claims about economic performance, particularly as Ghana continues to navigate challenging financial circumstances. While some improvements in economic indicators appear genuine, the accuracy of political narratives around these changes remains crucial for informed public discourse.