,autocrop(1200:630) "‘Akufo-Addo gov’t did long-term damage to Ghana’s economy’ – Haruna Iddrisu")
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The Minister of Education, Haruna Iddrisu, has attributed Ghana’s prolonged economic challenges to the previous Akufo-Addo administration, warning that the effects of past policies will take time to reverse.
Speaking in an interview on Channel One TV on Wednesday, 24 December, Mr Iddrisu said Ghana’s economic difficulties worsened significantly after 2022, leaving serious structural imbalances. He stated:
The Akufo-Addo government did long-term damage to the economy. If you want to do an assessment from 2022, the economy of Ghana went into an abyss. It will take some time to redress the structural imbalance and some of the problems visited on the Ghanaian economy.
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former President Nana Akufo-Addo
He emphasised that the nation’s economic woes could not be blamed solely on the COVID-19 pandemic, pointing instead to domestic macroeconomic indicators that he described as deeply troubling.
Not just COVID-19, but you have an economy where inflation was 54 percent, coming down to 23 percent. You have an exchange rate regime of a dollar to the cedi between GH¢16. That is unacceptable; it increased the cost of doing business and crushed the private sector.
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Minister of Education, Hon. Haruna Iddrisu
According to Mr Iddrisu, these conditions caused severe hardship for the private sector, which suffered from reduced investment and rising operational costs. He noted, however, that businesses are now beginning to recover following the return to office of President John Dramani Mahama, with renewed confidence and greater engagement in economic activity.
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President John Mahama
The private sector is more or less experiencing a rebirth of opportunity with the return of President John Dramani Mahama. That is part of the gains of the Reset Agenda. They are now beginning to find their feet and to make contributions to the sustainable development of the country.
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His comments come amid ongoing debates on policy continuity and economic recovery in Ghana, as the new administration implements strategies aimed at stabilising the economy and restoring investor confidence.