Former Ghanaian President Nana Akufo-Addo has openly conceded that economic turbulence during his tenure significantly eroded public trust in his administration.
Speaking at the Abuja launch of a memoir by Nigeria’s ex-military leader Ibrahim Babangida on Thursday, Akufo-Addo addressed Ghana’s 2022 financial collapse, which saw the country frozen out of international capital markets and compelled to secure a contentious $3 billion IMF bailout.
“The economic challenges were profound, and the decision to approach the IMF was not taken lightly,” Akufo-Addo stated, referencing widespread protests triggered by soaring inflation, currency depreciation, and austerity measures. While acknowledging public anger, he contrasted the demonstrations to Ghana’s violent Structural Adjustment Program (SAP) riots of the 1980s, noting, “The dissent under my government never reached those extremes, but it undoubtedly fueled dissatisfaction.”
Analysts view his remarks as a rare admission from a leader often criticized for downplaying economic hardships. The 2022 crisis, partly linked to global shocks like the Ukraine war, exposed longstanding vulnerabilities in Ghana’s debt management and fiscal policies. Critics argue Akufo-Addo’s delayed response to austerity demands exacerbated public frustration, with protests like the 2023 #OccupyJulorbiHouse movement symbolizing youth disillusionment.
The comparison to SAP-era unrest carries weight. The 1980s IMF-mandated reforms, marked by subsidy cuts and privatization, sparked riots that reshaped Ghana’s political landscape. While Akufo-Addo’s era avoided such chaos, his acknowledgment of parallels underscores how economic distress remains a potent trigger for social unrest in Ghana.
Political observers note the timing of his comments, made alongside Babangida—a polarizing figure who implemented Nigeria’s own SAP—raises questions about legacy reflections. As Ghana navigates IMF reforms, Akufo-Addo’s candor may aim to contextualize his administration’s struggles, though opposition figures argue it “comes too late for Ghanaians who endured hardship.” The admission, however, sets a precedent for accountability as the nation debates reforms needed to avert future crises.
