President Nana Akufo Addo has admitted that Ghana’s economy is in crisis.
The President said this during his address on the state of the country’s economy on Sunday October 30, 2022.
According to him, the current state of the economy has never been witnessed in the country before.
“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. But, 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 bedeviled our economy,” he said.
President Akufo Addo also urged all Ghanaians to have hope in the government’s negotiations with the International Monetary Fund as it works to, among others, repair public finances, restore the balance of payments, construct a robust Ghanaian economy, and build a Ghana Beyond Aid.
“I urge us all to see the decision to go to the International Monetary Fund in this light. We have gone to the Fund to repair, in the short term, our public finances and restore our balance of payments, whilst we continue to work on the medium to long-term structural changes that are at the heart of our goal of constructing a resilient, robust Ghanaian economy, and building a Ghana Beyond Aid.
I am able to report to you, my fellow Ghanaians, that the negotiations to secure a strong IMF Programme, which will support the implementation of our Post COVID-19 Programme for Economic Growth and additional funding to support the 2023 Budget and development programme, are at advanced stages, and are going well.”
Story by: Kelly Adjetey Boye | univers.ug.edu.gh