Ghana’s current economic situation, President Akufo-Addo admits has not been on his blindside.
He has therefore assured that the government is doing its best to address the situation to alleviate the plight of the citizenry.
President Akufo-Addo during a meeting with the press reiterated that he had not lost sight of the current woeful performance of the cedi, skyrocketing food prices and general high cost of living.
“I have seen the difficulties that our currency has been having. I have seen the difficulties and dramatic rise of price levels, significant rise in the cost of living and difficulties generally, in the manner the economy is rising.”
He called for the cooperation of all actors of the economy; from management, labour and workers to strike a balance on various considerations for the ultimate goal of a strong economy.
Things on the economic market are not looking good for Ghana with the Cedi depreciating and losing 50% of its value.
According to Bloomberg, the Ghana Cedi came out as the worst performer of 148 currencies in the world.
Most Ghanaians are reeling in the harsh economic conditions because their purchasing power keeps dropping due to the poor salaries unable to match the constant rising inflation which in September 2022 stood at 37.2 per cent while Producer Price Inflation is at 45.5 per cent.
The increasing cost of transportation has led to skyrocketing food prices. Workers on the other hand are demanding better working conditions. Unfortunately, manufacturers are also finding ways to cut down on operations in the wake of these economic difficulties.
Ghana is currently negotiating with the International Monetary Fund (IMF) for a US$3 billion bailout to address the ailing economy.