Former President John Mahama has described December 19, 2022, as one of the bleakest days in the history of Ghana’s economy, attributing the crisis to policies and governance under President Nana Akufo-Addo.
Speaking at a recent public event, Mahama recounted the severe economic challenges the country faced on that date, highlighting plummeting cedi values, rising inflation, and widespread financial hardship for ordinary Ghanaians. He emphasized that the day marked a turning point where years of economic progress appeared to unravel under policy mismanagement.
“This was a day that shook the foundations of our economy,” Mahama said. “Families struggled to meet basic needs, businesses faced unprecedented difficulties, and confidence in our financial systems was severely undermined.”
Mahama also pointed to specific government measures he said worsened the situation, including heavy taxation, import restrictions, and a lack of effective economic stimulus. According to him, these policies not only affected households but also stifled investment and growth in key sectors of the economy.
The former president called for urgent reforms, insisting that Ghana must prioritize sound fiscal management, strengthen regulatory oversight, and protect the purchasing power of citizens to prevent such economic shocks from recurring.
Economic analysts have also cited December 2022 as a particularly challenging period, noting the convergence of high inflation, currency depreciation, and external debt pressures. Many agree with Mahama’s assessment that immediate interventions were needed to stabilize the economy and restore public confidence.
Mahama’s remarks have reignited debate over the government’s handling of the economy and the lessons that must be learned to safeguard Ghana’s financial future.
