President Akufo-Addo has acknowledged Ghana’s economic crisis and called it a “historic” event.
In his Sunday evening address to the nation, President Obama acknowledged the country’s enormous debt stock, increasing inflation, the free collapse of the local currency, and the depletion of macroeconomic factors.
According to him, the situation is not the result of any malevolent forces that are actively collaborating.
In his speech, he did, however, stress that the government was serious about fixing 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.
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“The reality for us in Ghana is that our economy is in a lot of trouble,” the President said. 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.
In response to the weak economy, President Akufo-Addo said that all government workers, including himself and his vice president, would have their pay cut by 30%.
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 trading currencies across the world.
In regard to the local currency, the Cedi, he also said that people who wrongly say the Cedi is going to die would have to deal with the 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.
Meanwhile, some Ghanaians have resorted to social media to criticize the President’s speech, calling it ‘hollow.’
Others, on the other hand, have praised his speech and the steps that have been taken to get the economy going again.