Alan Kyeremanten, who has served twice as trade minister for the New Patriotic Party (NPP), made the announcement at a briefing and said his contributions were not appreciated.
"The (NPP) party has been hijacked by a selected group of party leaders and elders," he said.
Gold-, oil- and cocoa-producing Ghana's worst economic crisis in a generation was brought on by spiralling public debt.
The NPP has yet to name its candidate to succeed President Nana Afuko-Addo, who will step down after serving two terms.
Kyeremanten, 67, served as Akufo-Addo's trade and industry minister during both of his terms.
Persons:
Alan Kyeremanten, Nana Afuko, Kyeremanten, Mahamudu Bawumia, Maxwell Akalaare, Sofia Christensen, Grant McCool
Organizations:
New Patriotic Party, NPP, International Monetary Fund, National Democratic Congress
Locations:
ACCRA, Accra, Ghana