Minister for Education, Haruna Iddrisu, has reiterated that economic growth alone is not a sufficient measure of development, stressing that true progress must reflect an improvement in the living conditions of Ghanaians, not just figures of growth.
Speaking on Joy FM’s Super Morning Show on Wednesday, March 12, Mr. Iddrisu acknowledged that while the government has recorded some modest economic gains, the current reality paints a different picture.
“The Finance Minister, in the 2025 Budget Statement, shared the state of the economy—an economy hard-hit by debt, in crisis, and on the verge of collapse,” he noted.
Mr. Iddrisu emphasized that economic theories have long established that growth figures alone do not equate to improved living standards. He pointed to the decline of the cocoa sector as a key example.
“The Ghana Cocoa Board, which was once the backbone of the economy, providing employment, foreign exchange, and stable income for farmers, is now heavily indebted,” he stated.
He further highlighted that the 2025 Budget Statement exposed multiple layers of national debt, including over GH₵750 billion in public debt, as well as significant liabilities in the cocoa, energy, and road sectors.
According to him, Ghanaians should not expect the President’s first budget to be a silver bullet in resolving all economic challenges.
“That is why the Finance Minister called on Ghanaians to join him in building the Ghana we want,” he explained.
Mr. Iddrisu added that the country must correct the mistakes of past economic mismanagement.
“The NPP government under Nana Akufo-Addo and Dr. Bawumia often claimed they were superior managers of the economy. Where was that superior sense when they only led the country into unsustainable debt?” he questioned.
He also noted that Ghana faces a heavy financial responsibility in the coming years. “Between now and 2026/2027, the burden is heavy. We have no excuse—we must service our debt,” he stressed.
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