From Banking Bigshot to Top Job—Can He Steer Canada Through Chaos?
Hold on tight, Canada, Mark Carney is now Prime Minister! He took office on March 14, 2025, without winning an election against any political party, and he’s already up against some big challenges: tariffs from Trump, attacks from Pierre Poilievre, and questions about his economic track record. Let us examine Carney’s unexpected rise, his past performance, and what is at stake.
This isn’t a typical Prime Minister role. Carney didn’t campaign or shake hands at local spots. Instead, he won the Liberal Party leadership with 85.9% of the vote on March 9, 2025, after Justin Trudeau stepped down in January. That is 151,000 Liberals supporting a man who has never been a member of parliament. Currently, he’s leading a minority government without a seat in Parliament, which means he can’t participate in debates or votes until he wins a riding. With Poilievre’s Conservatives pushing for a no-confidence vote and an election possibly happening by October 20, 2025, Carney needs to show he’s more than just an impressive resume.
So, what’s his story?
Mark Carney is a big shot in banking. He was the Governor of the Bank of Canada from 2008 to 2013 and the Bank of England from 2013 to 2020. Many people think he helped Canada avoid the worst of the 2008 financial crisis. During his time, Canada’s GDP grew by 1.8% per year, unemployment was between 6-8%, and inflation was around 1.5%. He cut interest rates from 4% to 0.25% in his first year and kept them low at 1% for a long time. This helped the economy but also led to a housing boom, with prices rising by 50% by 2021 and household debt reaching 185% of income. Productivity growth was only 0.8% per year, so some say he created a bubble rather than a miracle.
In the UK, GDP grew by 1.8% annually, unemployment fell from 7.8% to 3.9%, and inflation stayed mostly below 2%. Critics argue that his focus on low rates and printing £700 billion increased debt (UK debt-to-GDP was 85% by 2020) while wages didn’t grow much. Brexit added to the chaos, and after he left, inflation spiked to 11.1% in 2022. Some blame him for this, while others don’t.
By 2020, Carney was advising Trudeau. Canada printed $500 billion to fight COVID, and by 2025, GDP growth was 1.9%, unemployment was 6.2%, and inflation was 3.2% (down from 6.8% in 2022). Housing costs are very high, with average prices at $700,000, and debt is still a big issue. Pierre Poilievre and the Conservatives argue that Carney is part of the problem, not the solution. They also point to his role at Brookfield Asset Management, where he approved moving the headquarters from Toronto to New York in 2024, as evidence that he’s more focused on Wall Street than Main Street.
Now, Trump’s tariffs are a big problem.
Since January 2025, the U.S. has imposed 25% duties on Canadian goods, affecting 75% of our $600 billion in exports. Carney is responding strongly, saying, “We’ll match dollar for dollar!” Polls show that 40% of Canadians trust him more than Poilievre (26%) to handle Trump. However, Poilievre leads in overall polls with 38% compared to the Liberals’ 34% (Abacus, March 2025). He’s gaining support with his “Canada First” message, criticizing Carney as a globalist who favors elites over voters. Poilievre’s rallies attract 2,500 enthusiastic supporters, while Carney is still trying to connect with Liberal loyalists.
For Africans in the diaspora:
Carney is very focused on climate finance. He has promoted carbon markets and green funds, with $100 billion pledged globally by 2023 for projects like African solar farms. However, during his time at Brookfield, $10 billion in Canadian investments moved to the U.S., resulting in 1,500 job losses in Canada. If he prioritizes global projects over Canada’s needs, will diaspora communities see real benefits or just photo opportunities?
Carney is under a lot of pressure
Facing trade wars, a strong opponent, and an economy that needs a boost. He has impressive credentials (Harvard, Oxford, and years in finance), but his unelected start and mixed track record make his future uncertain. Will he be able to outmaneuver Trump and defeat Poilievre? Or will his past catch up with him, leaving Canada stuck? This situation is just beginning to unfold!
