“We are in crisis”: Ghana’s President Akufo-Addo admits

President of Ghana, Nana Addo Dankwa Akufo-Addo has admitted for the first time since the country’s economic woes began that Ghana is crisis.

Addressing the nation on the economy on live television on Sunday, October 30, monitored by GhanaPlus.com, he “We are in a crisis; I do not exaggerate when I say so”.

According to him, he cannot find examples of anytime in the country’s history when so many wicked forces such as “inflation has eaten away people’s incomes. Economies, big and small, have experienced, over this year alone, the highest rise in cost of living over a generation; the highest rise in government borrowing in over fifty (50) years; the highest rise in inflation for forty (40) years; the steepest depreciation in their currencies to the US dollar over the last thirty (30) years; the fastest peak in interest rates for over twenty (20) years; and the greatest threat of unemployment in peace time; with over a hundred million people being pushed into extreme poverty” have come together at the same time.

The President was however, hopeful, the country will overcome the difficult times like they have done in the past.

“For us, in Ghana, our reality is that our economy is in great difficulty. The budget drawn for the 2022 fiscal year has been thrown out of gear, disrupting our balance of payments and debt sustainability, and further exposing the structural weaknesses of our economy”.

“We are in a crisis, I do not exaggerate when I say so. I cannot find an example in history when so many malevolent forces have come together at the same time. But, as we have shown in other circumstances, we shall turn this crisis into an opportunity to resolve not just the short-term, urgent problems, but the long-term structural problems that have bedeviled our economy”.

The President has therefore called on the citizenry for support to address the challenge.

“Fellow Ghanaians, this is why I am back in your homes this evening to ask for your support, as we work together to get our economy back into good shape,” the President said.

Ghana’s economic crises under President Akufo-Addo

Ghana is currently at a cross road financially, making life difficult for citizens at large.

Harsh economic conditions,  rising cost of living, high prices of petroleum products and it ripple effect on goods and services have become a source of worry for many as there seem to be no end in sight any time soon.

To make matters worse, the country’s currency, the Cedi has seen significant depreciation against major trading currencies since the beginning of the year.

As at today, the cedi is trading around ₵13 against the US dollars and more against the Euro and the Pound.

But the government is in engagement with the International Monetary Fund for to seek support for government programmes in the wake of current economic hardships.

Source: GhanaPlus.com