IEA's John Kwakye Criticizes Akufo-Addo's Government For Failing To Learn From The Past. We Don’t Learn From Our Mistakes

Research Director at the IEA Dr. John Kwakye is dissatisfied with the manner in which the current administration and its predecessors have administered the nation's economy.

Dr. Kwakye, a reputable economist, stated that both the current administration commanded by Nana Akufo-Addo and previous administrations have consistently engaged in fiscal irresponsibility.
He made the remarks when he presented a paper on constitutional amendment issues from an economic perspective on April 18, 2023.

Dr. John Kwakye, one of Ghana's preeminent economists, has stated that the current administration and its predecessors have failed to learn valuable lessons from past economic mismanagement.

Dr. Kwakye stated in a paper entitled "Institutionalising Fiscal Discipline and Macroeconomic Stability for Sustained Growth in Ghana: The Constitutional Pathway" that Ghana has a lengthy history of fiscal irresponsibility.

Dr. John Kwakye has criticized the Akufo-Addo administration and other governments for the nation's economic difficulties.

Dr. John Kwakye (Left) believes the current administration and its predecessors, as well as Nana Akufo-Addo, are responsible for Ghana's economic difficulties.

At the event conducted on Tuesday, April 18, 2023, he told the audience that Ghana's fiscal deficit is nearly consistently higher than those of its African peers, which is evidence that the country's economic decisions over the years have been flawed.

"We then borrow to finance the deficits, causing our public debt to balloon to unmanageable levels." We have been in similar circumstances numerous times. Our debt reached its first crisis point in 2004 when it surpassed 100 percent of GDP, he said.

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Additionally, the Director of Research at the think tank IEA stated that Ghana's economic situation appears to be the same as it was nearly twenty years ago.

We do not appear to learn from our errors! We hear the two dominant parties [NDC and NPP] pointing fingers at each other regarding who has contributed most to the debt increase. It does not matter who has reduced the debt the most, as the debt can only increase," he stated bluntly.
Ghana's economic difficulties
Ghana is presently experiencing a crippling debt crisis that threatens to reverse years of economic development.

Despite being a major exporter of cocoa and gold, Ghana is experiencing what some experts characterize as the worst financial crisis in decades.

Due to hyperinflation and a feeble local currency, the Ghana cedi, the cost of living has been described by many as intolerable.

Three new tariffs that were passed two weeks ago have been characterized as harsh and insensitive to the plight of many citizens.

Professor Hanke blasts Ofori-Atta over "mismanagement"
Professor Steve Hanke, an applied economist located in the United States, has stated that Ghana's finance minister Ken Ofori-Atta is incorrectly blaming international lenders for his inability to secure loan agreements to resolve the country's debt crisis.

In a tweet published on Tuesday, he stated that he believes the superintendent of all Ghana's finances should first acknowledge the monumental mismanagement that has occurred under his watch.

Under the current administration of Nana Akufo-Add, Ghana faces an unprecedented debt crisis, which experts fear threatens to reverse decades of economic development.