Nana Akufo-Addo says government is working to mitigate the plight of the citizenry.
“I have seen the difficulties that our currency has been having. I have seen the difficulties and dramatic rise of price levels, significant rise in the cost of living and difficulties generally, in the manner the economy is rising”, he said.
Speaking to journalists at the Jubilee House, Nana Akufo-Addo said he will need the support of all.
“We have to understand that, all sectors and actors of the economy either on the side of management, labour and workers have to find a way of balancing the various considerations so that we can all progress and continue hopefully in building a stronger economy.”
Ghana’s economic indicators keep worsening.
The Ghana cedi for instance has seen a huge depreciation as it has lost close to 50 percent of its value since the beginning of the year.
Bloomberg has also rated the currency the worst-performing worldwide after considering a basket of 148 currencies worldwide.
Ghana’s inflation for September 2022 stands at 37.2 percent while Producer Price Inflation for the same month has risen to 45.5 percent putting majority of Ghanaians in a tight situation because their purchasing power keeps reducing amidst poor salaries.
Prices of food items are high, coupled with the increasing cost of transportation.
On the labour front, workers are demanding better working conditions. Manufacturers are also adopting ways to cut down on operations in the wake of these economic difficulties.
There are ongoing discussions between the government of Ghana and the International Monetary Fund (IMF) for a US$ 3 million bailout to salvage the economic downturn.
The President and his cabinet have begun a retreat to deliberate on the economy as government’s negotiation with the International Monetary Fund (IMF) nears completion.
The President for the past days engaged relevant stakeholders on how best to revive the economy.
Meanwhile, Nana Akufo-Addo will on Sunday, October 30, 2022, address the nation on the current economic situation in the country.