Ghana’s economy is in crisis – Akufo-Addo admits

President Nana Addo Dankwa Akufo-Addo has announced that Ghana’s economy is in crisis.

He attributed the situation to “so many malevolent forces” which he said have come together at the same time to cause the current economic turmoil bedevilling the country.

“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.”

President Akufo-Addo said this when he addressed the nation on Sunday on the country’s economic challenges, which have forced the government to seek support from the International Monetary Fund (IMF).

The president was however hopeful that Ghana would bounce back from its economic predicament.

“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.

Ghana’s currency, the cedi has depreciated astronomically against major trading currencies especially the cedi since the beginning of the year.

Fuel prices continue to escalate with no hope of stability any time soon, and inflation also keeps soaring with no end in sight.

“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.