Ghana’s Minister of Education, Haruna Iddrisu, has blamed the country’s recent economic challenges on what he describes as long-term policy failures under the previous Akufo-Addo administration, warning that the damage caused will take years to repair.
Speaking in an interview with Channel One TV, Mr Iddrisu said Ghana’s economic situation deteriorated sharply from 2022, pushing the country into what he called a period of deep structural imbalance. According to him, the scale of the difficulties means recovery cannot happen overnight.
“The Akufo-Addo government did long-term damage to the economy,” Mr Iddrisu said. “If you look at it from 2022, the economy went into an abyss. It will take time to redress the structural imbalance and some of the problems visited on the Ghanaian economy.”
Ghana’s economy came under severe pressure in the aftermath of the COVID-19 pandemic, with rising debt levels, high inflation and a sharply depreciating currency prompting the government to seek a bailout from the International Monetary Fund (IMF) in 2023. However, Mr Iddrisu rejected suggestions that the crisis could be explained solely by the global health emergency.
He pointed instead to what he described as signs of macroeconomic mismanagement, arguing that weaknesses in policy choices exacerbated the impact of external shocks.
“Not just COVID-19,” he said. “You had an economy where inflation reached 54 per cent, later coming down to 23 per cent. You had a dollar to cedi exchange rate at GH¢16. That is unacceptable.”
Ghana recorded inflation of more than 50 per cent in late 2022, one of the highest levels in its recent history, driven by rising food and fuel prices, currency depreciation and supply chain disruptions. Although inflation has since eased, the cost of living remains a major concern for households and businesses.
Mr Iddrisu said the weakening of the cedi significantly increased the cost of doing business and placed heavy pressure on the private sector, particularly small and medium-sized enterprises that rely on imported raw materials and machinery.
“It increased the cost of doing business and crushed the private sector,” he said, adding that the economic strain translated into job losses and reduced investment.
The former Minority Leader in Parliament also suggested that the effects of the economic downturn extended beyond headline indicators, affecting public confidence and long-term development planning. He argued that restoring stability would require sustained fiscal discipline and policy consistency.
Ghana’s current administration has pledged to stabilise the economy through fiscal consolidation, debt restructuring and structural reforms under the IMF-supported programme. Officials say the programme is aimed at restoring macroeconomic stability, rebuilding foreign exchange buffers and creating conditions for private-sector-led growth.
Supporters of the previous government have, however, argued that the Akufo-Addo administration faced unprecedented global challenges, including the pandemic and the economic fallout from Russia’s invasion of Ukraine, which disrupted global energy and food markets.
They also point to infrastructure investment and social intervention programmes introduced during that period, arguing that the economic difficulties must be understood within a broader global context.
Mr Iddrisu acknowledged that external factors played a role but maintained that domestic policy decisions worsened the impact on Ghana’s economy.
As the country continues its recovery efforts, economists say addressing structural weaknesses such as revenue mobilisation, public sector efficiency and debt sustainability will be key to ensuring long-term stability.
For many Ghanaians, the pace of economic recovery remains a pressing concern, with the cost of living, currency stability and job creation continuing to shape public debate ahead of future policy decisions..