The Minister of Education, Haruna Iddrisu, has dismissed opposition claims that the 5.7% economic growth recorded in 2024 is insufficient to measure improvements in citizens’ living standards.
Addressing concerns on the 2024 Budget Statement on Wednesday, March 12, Iddrisu insisted that the budget accurately reflects Ghana’s current economic state, which he described as heavily burdened by debt. He praised Finance Minister Dr. Cassiel Ato Forson for presenting a realistic and transparent picture of the economy, rather than an exaggerated or overly optimistic outlook.
He also expressed concern over the struggling Ghana Cocoa Board (COCOBOD), once a pillar of the nation’s economy but now weighed down by substantial debt.
“The Honorable Ato Forson behaved like a woman in labor, sharing with Ghanaians the true state of the economy—one burdened by debt, in crisis, and on the brink of failure,” Iddrisu remarked on Joy FM.
While acknowledging the importance of economic growth, he noted that it does not automatically translate into a better standard of living for Ghanaians.
One of the major concerns raised was the deteriorating cocoa sector. Historically a key driver of employment and foreign exchange earnings, COCOBOD now struggles under financial strain, raising fears about its sustainability and the livelihoods of cocoa farmers.
The 2025 budget outlined three major layers of debt facing the country: the national public debt, which has surpassed GHS 750 billion, as well as significant debts in the cocoa, energy, and road sectors. Given these challenges, Iddrisu argued that it is unrealistic to expect the new administration’s first budget to resolve all economic issues immediately.
In response, the Finance Minister urged all Ghanaians to contribute to the nation’s economic recovery, stressing the need to correct past financial mismanagement.
Iddrisu also criticized the previous administration under President Nana Akufo-Addo and Vice President Dr. Mahamudu Bawumia, stating that their so-called superior economic management ultimately led the country into unsustainable debt.
“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,” he concluded.
