“Honorable Ato Forson resembled a woman in labor as he laid bare the true state of Ghana’s economy—an economy drowning in debt, in crisis, and teetering on the edge of collapse,” Haruna Iddrisu stated on Joy FM on Wednesday.
He emphasized that while economic growth is essential, it does not automatically lead to improved living standards for citizens.
A major concern raised was the struggling cocoa sector. Once a cornerstone of Ghana’s economy, COCOBOD played a crucial role in employment, foreign exchange earnings, and ensuring stable incomes for cocoa farmers. However, its current debt-laden state has sparked concerns about its sustainability and the livelihoods of those who depend on it.
The 2025 budget outlined three major layers of debt burdening the nation: the national public debt, which has surpassed GHS 750 billion, as well as significant debts in the cocoa, energy, and road sectors. Given these economic challenges, Iddrisu cautioned that expecting the administration’s first budget to resolve all issues overnight would be unrealistic.
In response to these concerns, the Finance Minister extended an invitation to all Ghanaians to participate in the country’s economic recovery. The focus, he stressed, must be on correcting past mismanagement.
He further criticized the previous administration under President Nana Akufo-Addo and Vice President Dr. Mahamudu Bawumia, arguing that their claims of superior economic management ultimately led the country into unsustainable debt levels.
“Between now and 2027, the burden on the government is immense. There are no excuses—Ghana must find a way to service its debts and set the economy on a sustainable path,” Iddrisu concluded.
