Former President Nana Addo Dankwa Akufo-Addo has acknowledged that the economic difficulties and persistent public protests during his tenure played a significant role in the dwindling popularity of his administration.
Speaking at the launch of a book authored by former Nigerian Military President, General Ibrahim Babangida, Akufo-Addo provided a candid reflection on the economic turbulence that defined his presidency, particularly during the COVID-19 pandemic, which severely strained Ghana’s financial stability.
Akufo-Addo explained that the pandemic had widespread ramifications, causing economic downturns across the world and disrupting global supply chains. Ghana, like many other nations, was significantly affected, experiencing a sharp decline in economic activity. With international capital markets largely inaccessible due to high debt levels and investor uncertainty, his administration found itself in a difficult position, leaving them with limited options. Eventually, the government was compelled to seek financial assistance from the International Monetary Fund (IMF) to restore macroeconomic stability.
He admitted that the economic hardships stemming from these crises fueled public dissatisfaction, leading to multiple protests across the country. While he noted that the demonstrations were not as intense as the Structural Adjustment Programme (SAP) riots that occurred in Ghana and other African countries in the 1980s, he conceded that they were substantial enough to weaken public confidence in his administration.
“We faced a major economic crisis, and with the world’s capital markets closed to us, we ended up going to the IMF. It was not an easy decision to make. The economic difficulties brought people onto the streets,” Akufo-Addo remarked. “I will say that even though the demonstrations were not on the scale of the SAP riots described in the book, they were serious enough, feeding into the growing disaffection against the government.”
Akufo-Addo’s tenure, which began with strong public support and ambitious policy initiatives, saw a gradual decline in approval ratings as economic challenges mounted. His government initially implemented bold economic programs, including the flagship Free Senior High School policy, the One District, One Factory initiative, and the Planting for Food and Jobs program. These policies were widely praised for their potential to transform the nation’s economic landscape. However, the emergence of global and domestic crises overshadowed these efforts, making it difficult for his administration to sustain its initial momentum.
The depreciation of the Ghanaian cedi, rising inflation, and high public debt levels further exacerbated economic hardships, affecting businesses and households. The government’s decision to introduce new taxes and restructure existing financial policies to boost revenue also faced stiff resistance from both the private sector and ordinary citizens. Critics argued that these measures placed an additional burden on an already struggling populace, leading to increased dissatisfaction.
In his address, Akufo-Addo also touched on the political implications of these economic difficulties. He noted that historically, governments facing economic downturns often experience declining public support, as citizens bear the brunt of policy decisions aimed at stabilizing the economy. He cited global examples where economic turbulence had led to shifts in political power, emphasizing that public sentiment is closely tied to economic well-being.
His remarks come at a time when Ghana continues to navigate post-pandemic economic recovery efforts under the current administration. While there have been signs of stabilization, challenges such as unemployment, inflation, and exchange rate fluctuations remain pressing issues. Political analysts suggest that Akufo-Addo’s reflection on his tenure could serve as a lesson for future leaders, underscoring the importance of economic resilience and strategic crisis management.
Despite the challenges, Akufo-Addo reiterated that his administration worked diligently to ensure that Ghana remained on a path toward economic recovery. He highlighted the efforts made to secure international partnerships, attract foreign investment, and implement social intervention programs aimed at cushioning the effects of the economic downturn. He also defended the decision to seek an IMF bailout, arguing that it was necessary to restore investor confidence and stabilize the economy in the face of unprecedented financial pressures.
“The reality of governance is that sometimes tough decisions must be made for the greater good,” he stated. “The IMF program, though unpopular, was the best course of action at the time. We had to think about the long-term stability of the country rather than short-term political gains.”
His acknowledgment of the economic struggles and their impact on public sentiment has sparked discussions among political commentators and economists. Some argue that his openness about these challenges demonstrates leadership accountability, while others believe it reflects the broader difficulties that developing economies face in navigating global economic shocks.
Meanwhile, reactions to Akufo-Addo’s statement have been mixed. Supporters of his administration have commended him for his transparency, highlighting the many global factors that contributed to the economic downturn. However, critics insist that some of the economic difficulties were due to policy missteps, excessive borrowing, and fiscal mismanagement.
Ghanaian citizens have also weighed in on the discussion, with many expressing hope that the lessons learned from Akufo-Addo’s tenure will inform better economic policies in the future. Some believe that a more inclusive approach to governance, with broader stakeholder engagement, could help mitigate the risks of economic crises. Others emphasize the need for stronger local industries and less reliance on external financial support to achieve economic self-sufficiency.
As Ghana prepares for future elections, the economic legacy of Akufo-Addo’s presidency will undoubtedly play a crucial role in shaping political narratives. His administration’s handling of the economy, social policies, and crisis management strategies will remain central themes in discussions about governance and national development.
While Akufo-Addo’s admission of economic difficulties may not change public perceptions overnight, it provides an opportunity for national reflection on how Ghana can build a more resilient economy. As the country continues to navigate its economic recovery, the insights from past administrations will be vital in shaping policies that foster sustainable growth and development.
The former president’s reflections serve as a reminder that governance is an evolving process, marked by successes and challenges. As Ghana moves forward, the lessons from his tenure will remain relevant in ensuring that future economic policies are robust, inclusive, and responsive to the needs of the people.
