The President of Ghana, H.E. Nana Addo Dankwa Akufo-Addo will on Sunday, October 30, 2022, address the nation on the Economy purposely, the current economic situation in the country. His address to the nation will come off at 8:00 pm.
Possible Reasons for this Address to the Nation
There has been a consistent decline in economic indicators in the country which has influenced the public to call on the government to come to their aid.
The Dollar-Cedi Saga
As an example, the value of the Ghana cedi has dropped by over half since the beginning of the year.
Also, when compared to a basket of 148 currencies from around the world, this currency was ranked worst by Bloomberg.
The current value of a cedi is greater than GHC 13.00 which is alarming.
Rise of Fuel and Increment of Transportation Fares
Transport companies have complained that their profits are being cut because the price of diesel and petrol has risen to over GH15 and GH13, respectively, at major fuel stations.
Meanwhile, on Monday, October 24th, new transportation fares were released by VIP JEOUN.
The Ghana Private Road Transport Union (GPRTU) has also decided to raise tariffs by 19% beginning Saturday, October 29, 2022, due to the ever-increasing costs of petroleum at the pumps.
The Cost of food and other commodities
The rising cost of gas and other transportation costs have contributed to already high food prices. This led to the closure of certain selling points some traders in the Ashanti region. Customers are also complaining bitterly about the drastic rise in the price of the goods they buy.
As of September 2022, inflation in Ghana was 37.2%, and producer price inflation was 45.5%, placing most Ghanaians in a difficult position due to their diminishing purchasing power and low wages.
The Motion to Dismiss the Finance Minister
Recently, there was a Motion To Remove Ken Ofori Atta, the Finance Minister of Ghana by the Members of Parliament in the Country. This was solely because the they believe the Minister has not handled the economy properly.
The Way Foward
The President has spent the last two days talking to key economic players about how to get the economy back on track. As part of the process, President Akufo Addo has decided to Address the Nation on the Economy, probably to let Ghanaians understand what’s going on and the measures being put in place to ensure the economy is revived.
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