Excessive borrowing ‘cracked’ Ghana’s economy under Akufo-Addo – Haruna Iddrisu

Education Minister Haruna Iddrisu has blamed excessive borrowing under former President Nana Akufo-Addo’s administration for Ghana’s economic difficulties.

He criticised the previous government’s management of public debt.

"Currently, the economy, as I indicated, my measure is to look at the NPP's own standing and lack of criticism of the state of the economy; for me, it is an admission that we are probably doing better than they were doing. And the revelation of their excessive appetite for borrowing is what cracked the Ghanaian economy. We became debt-sustainable, and a country in distress," he said on JoyFM on Tuesday, October 13.

Mr Iddrisu also defended the Mahama administration’s economic performance, arguing that improvements in currency stability had helped businesses plan and manage their operating costs.

"We are doing our utmost best as a government to walk out of that economic crisis. Now we have achieved stability," he noted.

Meanwhile, the International Monetary Fund (IMF) has raised Ghana’s economic growth forecast for 2026 to 5.7% and projected year-end inflation at 4.8%, despite global economic pressures and uncertainty.

The growth forecast represents an increase of 1.1 percentage points from the 4.6% projected in April.

The projections are contained in the IMF’s latest economic outlook report, released on the sidelines of the Annual IMF/World Bank Meetings in Bangkok, Thailand.

READ ALSO: IMF raises Ghana’s 2026 growth forecast to 5.7%, sees inflation falling to 4.8%

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DISCLAIMER: The Views, Comments, Opinions, Contributions and Statements made by Readers and Contributors on this platform do not necessarily represent the views or policy of Multimedia Group Limited.