Times are tough – Akufo-Addo admits, calls for support

President Nana Akufo-Addo has said he can see that there are economic difficulties. “I have seen the difficulties that our currency has been having", the president told journalists at the Jubilee House. "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 noted. The president said all stakeholders must realise that they have a role to play to make things better. “We have to understand that all sectors and actors of the economy, either on the side of management, labour [or] workers, have to find a way of balancing the various considerations so that we can all progress and continue, hopefully, in building a stronger economy.” The president will address the nation on Sunday, 30 October 2022, at 8 pm on the economic challenges facing the country. The rate of inflation, as of September, was 37.2 per cent. Also, the producer price inflation for that month hit 45.5 per cent. The prices of food items on the market keep soaring by the day. Fuel prices also keep shooting up. Some oil marketing companies are selling petrol and diesel at GHS17-plus and GHS19-plus per litre, respectively. The Ghana cedi has lost about 50 per cent of its value since the beginning of the year. A few days ago, one needed as much as GHS15-plus to buy one dollar. Traders went on a strike for a couple of days over the depreciation of the cedi. The hardships have culminated in a clamour for the resignation of Finance Minister Ken Ofori-Atta, as well as the Minister of State at the Finance Ministry, Mr Charles Adu Boahen. The majority caucus joined the chorus recently by threatening to boycott the 2022 budget reading and all other government businesses on the floor of parliament if the president did not boot out his cousin. After a meeting with the president at the Jubilee House on Tuesday, 25 October 2022, however, the majority caucus relaxed its stance following a plea by the president for them to allow Mr Ofori-Atta to conclude the ongoing negotiations with the International Monetary Fund for a $3-billion extended credit facility programme.

President Nana Akufo-Addo has said he can see that there are economic difficulties. “I have seen the difficulties that our currency has been having", the president told journalists at the Jubilee House. "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 noted. The president said all stakeholders must realise that they have a role to play to make things better. “We have to understand that all sectors and actors of the economy, either on the side of management, labour [or] workers, have to find a way of balancing the various considerations so that we can all progress and continue, hopefully, in building a stronger economy.” The president will address the nation on Sunday, 30 October 2022, at 8 pm on the economic challenges facing the country. The rate of inflation, as of September, was 37.2 per cent. Also, the producer price inflation for that month hit 45.5 per cent. The prices of food items on the market keep soaring by the day. Fuel prices also keep shooting up. Some oil marketing companies are selling petrol and diesel at GHS17-plus and GHS19-plus per litre, respectively. The Ghana cedi has lost about 50 per cent of its value since the beginning of the year. A few days ago, one needed as much as GHS15-plus to buy one dollar. Traders went on a strike for a couple of days over the depreciation of the cedi. The hardships have culminated in a clamour for the resignation of Finance Minister Ken Ofori-Atta, as well as the Minister of State at the Finance Ministry, Mr Charles Adu Boahen. The majority caucus joined the chorus recently by threatening to boycott the 2022 budget reading and all other government businesses on the floor of parliament if the president did not boot out his cousin. After a meeting with the president at the Jubilee House on Tuesday, 25 October 2022, however, the majority caucus relaxed its stance following a plea by the president for them to allow Mr Ofori-Atta to conclude the ongoing negotiations with the International Monetary Fund for a $3-billion extended credit facility programme.