President John Dramani Mahama’s first year in office has received a 4.9 out of 10 rating, with an independent assessment by the Institute of Economic Research and Public Policy (IERPP) describing the overall performance of the National Democratic Congress (NDC) government as “Below Average.”
The 2025 Year One Performance Assessment Report, which evaluated the government’s progress against selected promises contained in the NDC’s 2024 manifesto, Resetting Ghana, acknowledged significant achievements in macroeconomic stabilisation but raised concerns over slow progress in infrastructure, manufacturing, energy, governance and social delivery.
The assessment was based on a weighted analysis of 29 measurable indicators selected from the government’s 201 manifesto commitments.
The researchers said the indicators were chosen based on their relevance, availability of official baseline data and whether meaningful progress could be measured within the first year of administration.
According to IERPP, each indicator was scored on a scale of zero to 10 by independent reviewers, with the final composite score calculated from a combination of performance ratings and assigned weights.
The report arrived at the 4.9 score after analysing 762 weighted points across the 29 indicators, divided by a total weight of 155
Strong economic recovery, weak structural delivery
While the overall rating was below average, the report acknowledged what it described as “exceptional” performance in macroeconomic stabilisation.
It noted that inflation dropped significantly from 23.8% to 5.4% within 12 months, the Ghana cedi appreciated by 40.7% against the United States dollar, and gross international reserves increased to a record $13.8 billion.
The government also recorded improvements in public debt management, with debt-to-GDP ratio declining from 61.8% to 45.5%, while Ghana successfully completed the IMF’s Fourth Review under the Extended Credit Facility, unlocking $367 million in support.
However, the report warned that these gains had not yet translated into visible improvements in the daily lives of citizens.
It said while macroeconomic indicators showed strong recovery, structural areas that directly affect employment, productivity and living standards remained weak.
“The NDC government’s first year yields a composite score of 4.9/10, driven down by a 5.1/10 average across infrastructure, manufacturing, energy, governance and social delivery,” the report stated.
IERPP researchers argued that economic stability must serve as the foundation for broader transformation rather than become the final achievement.
“Announcements are not development. Macroeconomic gains mean little if citizens cannot see factories, roads or reliable electricity,” Dr Frank Bannor, one of the researchers, said.
Infrastructure and manufacturing lag
The report identified infrastructure as one of the weakest-performing areas, despite the government’s flagship $10 billion Big Push infrastructure programme.
According to the assessment, capital expenditure reached only 0.9% of GDP by November 2025, compared with 2.5% in 2024.
Although the government launched the Big Push programme and identified stalled projects requiring attention, IERPP said many initiatives remained largely at the planning stage.
It noted that approximately $3 billion in bilateral infrastructure loans remained frozen, and based on current disbursement levels, clearing existing project backlogs could take more than 12 years.
The manufacturing sector also recorded disappointing results, according to the report.
Industry sector growth slowed sharply from 7.2% to 2.3%, making it the weakest sectoral performance during the review period.
IERPP said no major factory projects promised under the manifesto, including agro-processing and manufacturing facilities, were completed or operational during the first year.
Energy challenges persist
The report also raised concerns about Ghana’s energy sector, particularly continued power challenges despite government interventions.
It noted that power outages persisted throughout 2025, while measures such as the Energy Sector Shortfall and Debt Repayment Levy had not yet fully resolved supply challenges.
Projects including the rehabilitation of the Tema Oil Refinery and additional power generation initiatives remained at the planning stage, the report said.
IERPP warned that the unresolved energy challenges could undermine government’s 24-Hour Economy initiative, which depends heavily on reliable electricity supply.
Governance and social delivery concerns
On governance, the report gave the government a score of 4 out of 10, citing unmet commitments including the promise to maintain a cabinet size of no more than 60 ministers.
It also noted that the proposed Code of Conduct for public officials remained unfinished, while the promised independent Value-for-Money Office had not been established.
However, the report acknowledged progress in strengthening the Office of the Special Prosecutor and reforms in public procurement.
In the social sector, IERPP said initiatives such as MahamaCares had been launched but were not yet fully operational nationwide.
The assessment also highlighted the absence of independently verified employment data, describing it as a transparency gap despite the introduction of policies such as the 24-Hour Economy and Adwumawura Business Startup Programme.
IERPP: Year two must deliver results
The researchers stressed that the assessment was not based on political opinion but relied exclusively on official data from institutions including the Bank of Ghana, Ghana Statistical Service, the IMF and government budget documents.
They noted that of the 201 manifesto promises, only 29 could be objectively measured within the first year, while the remaining 172 commitments required longer implementation periods.
IERPP said the second year of the Mahama administration would be critical in determining whether economic stabilisation could translate into structural transformation.
The report recommended that government prioritise the release of at least $500 million for the Big Push programme, complete at least one major agro-processing factory, address energy sector financing challenges, complete VAT reforms, pass Bank of Ghana restructuring legislation and publish reliable employment statistics.
“Economic stabilisation is not the finish line; it is only the starting point. Citizens deserve delivery beyond the statistics,” Dr Bannor said.
The report concluded that while government had succeeded in restoring economic confidence, the bigger challenge remained converting those gains into jobs, infrastructure, industrial growth and improved living conditions for Ghanaians.
