Government has recounted how the 2022 economic crisis, under the NPP administration of President Nana Akufo-Addo and Vice President Dr. Mahamudu Bawumia, affected every household and business in Ghana, imposing severe hardship on families across the country.
The Ministry of Finance made the point while outlining “The New Economy” following the presentation of the 2027 Budget Statement and Economic Policy in Parliament on Thursday, November 12, 2026, by Finance Minister Dr. Cassiel Ato Forson.
According to the Ministry, the crisis made food too expensive and raised transport fares and the cost of medicine, putting basic necessities beyond the reach of many families.
It also diminished pensions and savings, leaving many families worse off and undermining years of planning by workers and retirees.
Businesses were not spared either. The Ministry says businesses collapsed through high interest rates and rapid cedi depreciation, which raised the cost of borrowing and doing business.
Government says the pain was felt in homes, markets, workplaces and boardrooms alike, with no part of the country insulated from the fallout.
It says the experience of the 2022 crisis is the reason for the new economic direction, which focuses on stability and jobs.
The new direction, government says, is meant to rebuild confidence, protect incomes and savings, and create the conditions for businesses to grow again.
