Minister for Education, Haruna Iddrisu, has reiterated that economic growth alone is not a sufficient measure of development. According to him, true development 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 said while the government has recorded some modest gains in growth, the current economic situation tells a different story.
“The Finance Minister yesterday in the 2025 Budget Statement shared the state of the economy, an economy hard hit with debt, in crisis, and almost at the verge of collapse,” he noted.
Mr Iddrisu stressed that economists have long established that growth alone may not be a good measure of improvement in living standard. He cited the decline of the cocoa sector as a clear 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 said.
He further pointed out that the 2025 Budget Statement revealed multiple layers of national debt, including over GH¢750 billion in public debt, along with significant liabilities in the cocoa, energy, and road sectors.
According to him, Ghanaians should not expect the President’s first budget to be the Silver bullet in providing solutions to every problem of the Ghanaian economy. “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. “Hitherto we had the NPP government, Nana Akufo-Addo-Bawumia administration articulate strongly, they were superior managers of the economy, where was that superior sense when you only led the country into unsustainable,” he said.
He also noted that between now and 2026/2027, the country faces a heavy responsibility. “And between now and 2026/2027, the burden is heavy, and the burden is that we have no excuse, we have to service debt,” he said.
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