Former President Nana Addo Dankwa Akufo-Addo has openly acknowledged that economic challenges, compounded by public protests, were pivotal in eroding the popularity of his administration.
Speaking at the launch of a book by former Nigerian Military President, General Ibrahim Babangida, Akufo-Addo reflected on the economic turbulence during his tenure, particularly amid the COVID-19 pandemic, which strained Ghana’s financial stability and heightened public dissatisfaction.
The former president admitted that the global economic downturn, alongside domestic fiscal difficulties, contributed to widespread discontent. This led to a surge in public demonstrations, as Ghanaians grew increasingly frustrated with rising living costs and government policies.
While not equating the protests to the violent uprisings that marked the Structural Adjustment Programme (SAP) era of the 1980s, Mr.Akufo-Addo conceded that the protests were substantial enough to shake public confidence in his government. “We faced a major economic crisis, and with the world’s capital markets closed to us, we were ultimately forced to turn to the IMF,” he said. “The economic difficulties brought people onto the streets.”
The pressure on the Akufo-Addo administration mounted as international capital markets remained out of reach, leaving the government with few options but to seek emergency financial support from the International Monetary Fund (IMF). Akufo-Addo described the decision to seek IMF assistance as a difficult one, acknowledging the political and economic ramifications of this move.
“The demonstrations were not as severe as those during the SAP riots,” he noted, “but they were serious enough to feed into the growing disaffection against the government.”
Despite these challenges, Akufo-Addo emphasized that his government took necessary and difficult measures to stabilize the economy. He urged future leaders to learn from Ghana’s experience and prioritize policies that promote economic resilience in an increasingly volatile global environment.
Source:TheDotNews