Nana Addo To Speak On The Ailing Economy On October 30th

Ghana is going through challenges as the economy continues to suffer. The President, Nana Addo Danwka Akuffo Addo, is expected to address the nation on the economy on October 30th, 2022.

What should Ghanaians expect in the address to the nation on the economy?

Fuel prices

One of the key areas President Nana Addo will tackle is the persistent increase in the prices of fuel. Key experts and economists have explained that the increasing inflation rate Ghana is experiencing is mainly driven by high fuel prices. Of course, this persistent increase in fuel prices is translated into increased transport fares and utility costs. Also, the high prices of food commodities are partly driven by the high transportation cost. With this knowledge, the President will most definitely address this problem and provide measures government is taking to solve this problem. It is less probable that his government will remove the taxes on petroleum products. But let us hope for the best.

High Rate of Depreciation

The President will also address the nation on the high rate of depreciation or the unstable exchange rate. The key reason why pressure is been mounted on the finance Minister is because of the speed at which the cedi is falling against the dollar and other prominent currencies. The government believes that an intervention by the IMF might mitigate this problem. However, the IMF has not initiated its program in Ghana yet. Therefore, the President will most likely speak about some temporal measures his government is taking to solve this problem.

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The President will also address the issue of an increase in the prices of foods and other producer goods like cement amongst others, an increase in transport fares, etc. The President might also plead with Ghanaians to make some sacrifices and have faith in his government to overturn the quagmire we are facing now.

There is a general reaction all over that, had Former President, John Dramani Mahama, not made the move to address the nation, President Nana Addo will, as usual, exhibit his nonchalant attitudes toward the plights of the ordinary Ghanaians for which he was voted to solve.