Minister of Education, Haruna Iddrisu, has accused the Akufo-Addo administration of causing lasting harm to Ghana’s economy, saying the effects of the economic downturn will take considerable time to reverse.
Speaking in an interview on Citi FM on Wednesday, December 24, Mr. Iddrisu said Ghana’s economic challenges worsened significantly from 2022, plunging the country into deep structural difficulties.
According to him, the economic decline during that period went beyond the impact of the COVID-19 pandemic and was characterised by troubling macroeconomic indicators.
“The Akufo-Addo government did long-term damage to the economy. From 2022, the economy of Ghana went into an abyss, and it will take time to redress the structural imbalances and the problems visited on the Ghanaian economy,” he stated.
Mr. Iddrisu pointed to high inflation and currency depreciation as key indicators of economic mismanagement, noting that inflation peaked at about 54 percent before declining to 23 percent, while the exchange rate reached about GH¢16 to the dollar.
He argued that these developments significantly increased the cost of doing business and dealt a heavy blow to the private sector.
The Education Minister said the private sector suffered under these conditions but is now beginning to recover following the return of President John Dramani Mahama to office.
He attributed the renewed confidence among businesses to the government’s Reset Agenda, which he said is creating opportunities for growth and sustainable development.
According to Mr. Iddrisu, the gradual revival of private sector activity reflects early gains of the current administration, as businesses reposition themselves to play a stronger role in Ghana’s economic recovery.
Source: citinewsroom.com
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