Manasseh Azure, an award-winning investigative journalist, believes the value of the local currency is more important than President’s Akufo-speech Addo to Ghanaians on Sunday.
“CONCLUSION: The value of the Cedi is considerably greater than the worth of the president’s message,” he stated in a reactive tweet following the address on Sunday evening.
President Akufo-Addo acknowledged Ghana’s economic issue in a speech to the country on Sunday evening, calling it a “historic” event.
He acknowledged the country’s enormous debt stock, soaring inflation, the free collapse of the local currency, and depletion of macroeconomic factors in his speech.
According to him, the situation is the result of any malevolent forces that are actively collaborating.
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He did, however, underline the government’s commitment to dealing with the current economic downturn.
“I am not exaggerating when I say we are in a crisis.” There has never been a period in history when so many malicious forces have joined together at the same time.
But, as we have shown in prior instances, we will use this crisis to address not only the short-term, pressing issues, but also the long-term structural issues that have plagued our economy,” the President stated.
“For us in Ghana, our reality is that our economy is in enormous turmoil,” the President remarked. The budget for the fiscal year 2022 has been thrown out of whack, affecting our balance of payments and debt sustainability and revealing our economy’s basic flaws.”
Concerning steps to help the ailing economy, President Akufo-Addo said that all government employees, including the President and Vice President, would continue to receive a 30% wage reduction.
He also said that the Bank of Ghana is collaborating with other appropriate state entities to protect the local currency from depreciating more against other major trade currencies across the world.
Concerning the local currency, he further said that those who wrongly predict the Cedi’s demise would face consequences.
Finally, the President said that he would keep Ghanaians up to speed on his government’s efforts to get the economy back on track.
But, according to ace journalist Manasseh Azure, the President’s address was “hollow.”
Meanwhile, some Ghanaians have resorted to social media to criticize the President’s speech, calling it ‘hollow.’
Others, on the other hand, have complimented his speech and the actions taken to resuscitate the economy.