Minority Leader, Haruna Iddrisu says President Akufo-Addo failed to accept responsibility for the sorry state of the economy, during his address to the nation on Sunday.

Ghana's economy is currently under pressure, which has resulted in a high cost of living and what some have described as 'galloping inflation.'

The country's currency is also volatile in relation to the US dollar and other major trading currencies worldwide.

Meanwhile, President Akufo-Addo on Sunday addressed the nation on measures the government was taking to curb the prevailing economic crisis.

In his address, he assured that government is posed to turn things around and called on Ghanaians to support him in this regard.

But the Minority says the President’s address on the state of the economy was empty and without substance.

Speaking to journalists in Parliament, the Minority Leader said the President should have accepted responsibility for the current predicament of the economy and not shift responsibility.

“The President failed to accept that he is responsible for the sorry state of the Ghanaian economy and he is responsible for the wrenched economy which has consequences on livelihood, poverty has exacerbated, cost of living has gone high, cost of doing business high, many businesses are folding up, some industries are now rerouting their investments into neighbouring Ivory Coast and other countries because Ghana is no longer the investment haven as it should be,” he stressed.

The Minority Leader also took on government for what he said was reckless borrowing.

According to him, the President failed to add that he borrowed “more than any other Head of State in 50 years.”

“Borrowing is a policy, you decide to borrow and you decide how much to borrow and where to direct the borrowing as an investment, so if you now borrow to the level of debt distress, to the level that you are now talking ratio of 105% of GDP as your debt level and Nana Addo added that he hopes that Ghana’s debt to GDP will improve to 55 % of GDP by 2028, we ask the question where will he be? ” he asked.

Also touching on the president's assertion that there will be no 'haircuts' on the investments of individuals and businesses as the government considers debt restructuring, the Minority Leader said the President's claims that there will be no haircut on investment is false.

“There will be [haircut] and the name of the barber maybe sika mmpɛ dede (money does not like noise) but let’s see, as the days go by he will swallow his pride and weep,” he said.