Akufo-Addo Finally Admits Ghana Is In Economic Crisis; Assures It Will Soon Be Over

• President Akufo-Addo has finally admitted the country is going through an economic crisis that has made life unbearable
• In a televised address to the nation on Sunday, October 30, 2022, the President took pains to announce several measures being introduced to fix the economy
• He also expressed optimism that the measures would yield fruits and added that the economic crisis would soon be over

President of Ghana, Nana Akufo-Addo, has finally admitted to the current economic hardships afflicting Ghanaians. He, however, insists that the hardships will soon be over.

In a televised address on Sunday, October 30, 2022, the President called on the ordinary citizenry not to despair and throw their hands in the hair.

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He also announced several measures to fix the ailing economy and added that his government cares.

“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. We are determined to restore stability to the economy and provide relief. We are all in this together, and I am asking for your support to rescue Ghana from the throes of this economic crisis”, the President said.

In the speech, the President admitted the challenges afflicted on Ghanaians by the hike in fuel and transport prices and skyrocketing prices of goods and services.

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The President also rallied the country to see the hardships as an opportunity to deal with the root cause of the country’s long-term structural problems.

The local currency continues to depreciate astronomically against the US dollar and other major global trading currencies.

Ghana Returns To IMF for $3 Billion Bailout

In this vein, the government has been forced to return to the International Monetary Fund for an economic bailout in the region of $3 billion.

Negotiations with the Bretton-Woods institution are said to be progressing steadily, with government officials expressing optimism that a deal will be reached before the end of the year.

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Earlier, YEN.com.gh reported that the President had cautioned Ghanaians against unfounded speculations about the value of the cedi against the dollar, euro, Great Britain pound, yen and other major global trading currencies.

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According to him, his government will, in the coming days, go after persons who consistently peddle falsehoods about the local currency since such speculations have contributed to the fall in value in recent times.

Source: YEN.com.gh