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Ghana’s Economic Crisis: President Akufo-Addo To Address The Nation On October 30

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President Nana Addo Dankwa Akufo-Addo will on Sunday, October 30, 2022, address the nation on the current economic situation in the country.

It will come off at 8:00 pm.

 

“I will be addressing the nation on the economy on Sunday, 30th October, 2022 at 8pm. Watch it live on @NAkufoAddo , GTV and all major news networks across the country. #BouncingBackTogether”, President Akufo-Addo tweeted

 

 

 

Ghana’s economic indicators keep worsening. The Ghana cedi for instance has seen a huge depreciation as it has lost close to 50 percent of its value since the beginning of the year.

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Bloomberg has also rated the currency the worst-performing worldwide after considering a basket of 148 currencies worldwide.

Currently, the cedi is selling at over GH¢12.00.

Ghana’s inflation for September 2022 stands at 37.2 percent while Producer Price Inflation for the same month has risen to 45.5 percent putting majority of Ghanaians in a tight situation because their purchasing power keeps reducing amidst poor salaries.

 

Prices of food items are high, coupled with the increasing cost of transportation.

Ghanaians will soon pay more for transportation as the Ghana Private Road Transport Union (GPRTU) is set to increase fares by 19% effective Saturday, October 29, 2022, a move necessitated by the continuous soaring prices of petroleum products at the various fuel pumps.

Currently, Diesel and Petrol are selling for over GH¢15 and GH¢13 respectively at major fuel pumps; a situation transport operators say is eroding their profit.

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Meanwhile, VIP JEOUN announced new transport fares for the travelling public effective Monday, October 24.

 

On the labour front, workers are demanding better working conditions. Manufacturers are also adopting ways to cut down on operations in the wake of these economic difficulties.

There are ongoing discussions between the government of Ghana and the International Monetary Fund (IMF) for a US$ 3 million bailout to salvage the economic downturn.

Meanwhile, the President and his cabinet will today, Thursday, October 27, 2022, begin a three-day retreat to deliberate on the economy as government’s negotiation with the International Monetary Fund (IMF) nears completion.

The President for the past two days engaged relevant stakeholders on how best to revive the economy.

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