We are taking steps to revive the economy—President

Akufo Addo Black Stars AFCON Message.png President Nana Addo Dankwa Akufo-Addo

Wed, 23 Mar 2022 Source: GNA

President Nana Addo Dankwa Akufo-Addo says the government is adopting measures to remedy the current economic crisis facing the country.

He said the exigencies of the time demanded that difficult decisions be taken to put the economy on an even keel to bring relief to Ghanaians.

The President said this when members of the Council of State conferred with him at the Jubilee House, Accra, on Tuesday to brief him on their deliberations from the beginning of the year, and their suggestions on how the economy could be rescued.

He told the Council that the recent Cabinet retreat arrived at some difficult decisions that were necessary to move the country out of recession.

"It is no secret that our economy is going through difficult times. It is also no secret that we are not alone... many of the phenomena we are facing are apparent in many other parts of the world…but that doesn’t, therefore, mean that government is impotent in trying to find solutions.

“I don’t think that there is anybody in Ghana who will expect today that things can be just easily resolved,” he said, noting that difficult times called for difficult decisions.

President Akufo-Addo told the Council that some of the challenges the country was facing was the net effect of global happenings, but “nevertheless, there are things that we ourselves can do to right things.”

He said the Finance Minister, as instructed by him after the cabinet meeting, would on Thursday engage the nation on the specifics of the measures the Government intended to adopt to put the economy back on track.

The Council of State members were briefed by the Finance Minister on the decisions taken at the Cabinet retreat behind closed doors.

Nana Otuo Siriboe, Chairman of the Council, announced that the Council had decided to reduce its monthly allowances by 20 percent to help in the economic recovery process.

“We are particularly delighted to read that you and your Cabinet have decided to reduce some of your emoluments and allowances. Mr President, in tandem with your decision, we as the Council of State also decided that we will reduce our monthly allowance by 20 percent until the end of this year,” he said and expressed hope that other State organs would emulate the example.

The Chairman told the President that the Council had for the past few weeks been deliberating and collating views and suggestions on the economic situation in the country, and was eager to share them with the government to shape decisions that would be taken to ameliorate the problem.

He said the Council had deliberated on and had arrived at some proposals to make some government flagship initiatives, including the Free Senior High School programme, a lot more efficient and practicable.

Nana Otuo Siriboe expressed the Council’s confidence in the President's “political ability and will to overcome the current economic challenges and to put the smile back on the face of Ghanaians.”

The President, at the Cabinet retreat, sanctioned some major decisions as part of efforts to put the economy back on the path of recovery and growth.

The decisions include measures to arrest the depreciating Cedi, tackling the rising price of fuel, easing of CoVID-19 restrictions, and measures to curb the rising cost of goods and services.

Source: GNA