Ghana’s economy is in crisis – Akufo-Addo admits
President Nana Addo Dankwa Akufo-Addo has announced that Ghana’s economy is in crisis.
He attributed the situation to “so many malevolent forces” which he said have come together at the same time to cause the current economic turmoil bedevilling the country.
“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.”
President Akufo-Addo said this when he addressed the nation on Sunday on the country’s economic challenges, which have forced the government to seek support from the International Monetary Fund (IMF).
The president was however hopeful that Ghana would bounce back from its economic predicament.
“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 bedevilled our economy,” he added.
Ghana’s currency, the cedi has depreciated astronomically against major trading currencies especially the cedi since the beginning of the year.
Fuel prices continue to escalate with no hope of stability any time soon, and inflation also keep soaring with no end in sight.
