Ghana's president Akufo-Addo rallies country to face economic crisis
Accra, Ghana (PANA) - Ghana's President Nana Addo Dankwa Akufo-Addo on Sunday rallied his country in the midst of a debilitating economic crisis as he held out hope of overcoming the biting economic pain that has led to a chorus of calls for the removal of the finance minister and the minister of state at the finance ministry.
In a radio and television broadcast, he admitted that the West African State was in a crisis, which be blamed on “so many malevolent forces” which had come together at the same time.
“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,” he said.
Inflation is running at 37.2%, debt levels are said to be at unsustainable levels, fuel prices have shot through the roof, utility tariffs are unbearable, unemployment is high, the local currency is at its lowest level in recent years, there is unease on the labour front and the country has seen demonstrations against the government as living conditions continue to be unbearable.
The opposition, civil society organisations, some members of the academia, and even Members of Parliament the president's ruling New Patriotic Party (NPP) have called for the sacking of Finance Minister Ken Ofori-Atta and the Minister of State at the Finance Ministry, Mr Charles Adu-Boahen.
In the midst of the turmoil, president Akufo-Addo has expressed the hope that the country would bounce back, especially as it nears the end of negotiations with the International Monetary Fund (IMF) for a bailout by the end of this year.
“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.
“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,” the President added.
President Akufo-Addo said the government is taking steps to protect the investment of citizens in the negotiations with the IMF and gave the assurance that "no individual or institutional investor, including pension funds, in Government treasury bills or instruments will lose their money, as a result of our ongoing IMF negotiations”.
-0- PANA MA 31Oct2022
