The Minister of Education, Hon. Haruna Iddrisu, has commended Finance Minister Dr. Cassiel Ato Forson for what he describes as a pragmatic and solution-driven 2025 budget presentation.
Addressing the media, he acknowledged the significance of the policies outlined in the budget, particularly in addressing Ghana’s economic challenges.
According to Hon. Iddrisu, the budget, presented on March 11, 2025, focused on three key areas: stabilizing the Ghanaian cedi, President Mahama’s ambitious infrastructure agenda, and a candid assessment of the country’s economic crisis.
Haruna Iddrisu highlighted the need for urgent measures to stabilize the cedi, which has been a persistent worry for businesses.
“…the concern of many Ghanaian businesses and the private sector is the instability of the cedi against other foreign exchange, which increases their cost of doing business and results in the increase in the cost of living for the Ghanaian.”
Hon. Haruna Iddrisu
He stressed that economic stability is crucial for business confidence and effective planning. He praised Dr. Forson for his frankness in diagnosing the problem and presenting realistic solutions.
The second major highlight of the budget, according to Hon. Iddrisu, was the announcement of President Mahama’s “big push”—a $10 billion investment in infrastructure development.
“This infrastructure will look at roads, it will look at hospitals, it will look at schools, and it will look at technical and vocational apprenticeship training and seeking to address the growing unemployment problem of our country.”
Hon. Haruna Iddrisu
An Honest Assessment of Ghana’s Economic Crisis
Furthermore, Haruna Iddrisu described the Finance Minister’s budget statement as a bold revelation of the dire economic situation Ghana is facing.
He pointed out that Ghana’s economy is weighed down by multiple layers of debt, which were exposed in the budget statement.
These include “a national public debt of over 750 billion Ghana cedis, a cocoa sector debt, an energy sector debt, and a road sector debt.”
He emphasized that while economic growth is often cited as a measure of progress, it does not always translate into improved living standards for citizens.
The minister also expressed concern over the dire state of the cocoa sector, which he described as once the backbone of the economy but now struggling under heavy debt.
“How come that cocoa, the COCOBOD, and cocoa sector today is under its nails? A hitherto backbone of the economy, it provided employment, gained in more foreign exchange, and provided quality income to cocoa farmers and others. Today, the COCOBOD is in debt.”
Hon. Haruna Iddrisu
He lamented the mismanagement that has left the cocoa sector in financial distress and called for immediate interventions to restore its former glory.
NDC’s Burden to Correct Past Mistakes
Acknowledging the challenges ahead, Hon. Iddrisu emphasized that while expectations are high, it would be unrealistic to expect the new government’s first budget to solve all of Ghana’s economic woes overnight.
However, he stressed that “we have no excuse. We have to service the debt” while criticizing the previous administration for mismanaging the economy.
“I mean, hitherto we heard the NPP government of Nana Addo Dankwa Akufo-Addo and Dr. Mahamudu Bawumia articulate strongly that they were superior managers of the economy. Where was that superior sense when you only let the country into unsustainable debt.”
Hon. Haruna Iddrisu
According to him, Ghana now has the responsibility of correcting the mistakes of the past, and this will require bold policies and sacrifices.
He also noted that the country is spending an unsustainable amount on subsidizing electricity—more than the capital expenditure of multiple ministries combined.
Haruna Iddrisu stressed that Ghana’s economic reset must be driven by an enabling environment for private sector growth. “Just take even the industrial area here. What’s the state of roads in that area? They are concerned about it.”
He also emphasized that stalled projects must be revived, blaming the country’s debt crisis for the halt in development.
Another major concern raised by the minister was the apparent discrepancies in Ghana’s gold revenue. “The media must be interested in that because I understand that the amount of gold receipts that enter Dubai is not equal to what is reported.”
He suggested that greater transparency and accountability are needed in the gold sector to ensure Ghana gets its fair share of revenue.
Haruna Iddrisu’s remarks underscored the daunting economic challenges facing Ghana, while also highlighting the government’s commitment to stabilizing the economy, investing in infrastructure, and ensuring greater fiscal discipline.
He called on all Ghanaians to support the government’s agenda, as the nation embarks on the difficult but necessary path of economic recovery.
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