The Minister of Education, Haruna Iddrisu, has stated that the economic policies of the former Akufo-Addo administration precipitated a structural crisis, the repercussions of which will require significant time and effort to rectify.
In an interview with Channel One TV, Minister Iddrisu asserted that the economy entered a period of severe deterioration beginning in 2022. He contends that this downturn resulted in profound structural imbalances that cannot be quickly resolved.
“The Akufo-Addo government did long-term damage to the economy,” Iddrisu stated. “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.”
The Minister argued that the economic challenges extend beyond the global impact of the COVID-19 pandemic. He pointed to specific macroeconomic indicators as evidence of domestic policy failures, including an inflation rate that peaked at 54% and a significant depreciation of the cedi, which reached an exchange rate of approximately GH¢16 to the US dollar.
“Not just COVID-19,” he noted, “but 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; it increased the cost of doing business and crushed the private sector.”
The comments highlight the current government's perspective on the inherited economic landscape and set the stage for ongoing political discourse regarding responsibility for the nation's fiscal challenges.
Credit: myjoyonline.com