As inflation keeps dictating its decline, Ghana’s economy is fighting for its life. The effects of the Cedi’s ongoing decline are already being felt by the average Ghanaian.
The President, Nana Addo Dankwa Akufo-Addo has acknowledged that the country is in a difficult time and a mess.
According to Nana Addo, he is fully aware that both Ghanaians and the majority of people worldwide are through tremendously challenging circumstances.
He claims that the Covid pandemic’s effects—which were exacerbated by the consequences of Russia’s invasion of Ukraine—have resulted in skyrocketing freight costs, soaring fuel prices, sky-high food prices, sharp jumps in inflation, and numerous company failures.
He has, however, reaffirmed that the administration is making efforts to revive the economy. The President stated that approaching the International Monetary Fund is one strategy for getting the economy back on track.
Read an extract of his speech below:
“However, the ravages of the pandemic, worsened by the effects of Russia’s invasion of Ukraine, have led to spiraling freight charges, rising fuel costs, high food prices, steep inflationary spikes and widespread business failures.
“I am fully aware that these are very difficult times for us in Ghana, just as they are for most people in the world, cold comfort as that may be,” he said he said when he delivered an address at the opening of the 12th Biennial and 50th Golden Conference of the Methodist Church of Ghana.
“Other steps will be taken, in particular, to deal with the unacceptable depreciation of the cedi. Reining in inflation, by bringing down food prices, is a major preoccupation of the Government, and this season’s emerging, successful harvest will assist us achieve this objective, together with other policies that are being put in place.”
In addition, President Akufo-Addo reaffirmed that his administration would keep up the programs it has already started.
