President Akufo-Addo has admitted a grim outlook for the Ghanaian economy saying the economy is in crisis.
Addressing the nation on Sunday, the President said Ghana’s economy is in shambles as the 2022 Budget has already been thrown out of gear.
“For us, in Ghana, our reality is that our economy is in great difficulty. The budget drawn for the 2022 fiscal year has been thrown out of gear, disrupting our balance of payments and debt sustainability, and further exposing the structural weaknesses of our economy.
“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.”
However, the President said other Economies, big and small, have seen similar rise in cost of living.
“The whole world has been taken aback by the speed with which inflation has eaten away people’s incomes,” he noted.
Ghanaians are reeling under severe hardship in the system on the back of soaring inflation, and the fast depreciation of the Cedi.
The cedi has plummeted more than 60% this year. Consumer inflation hit a new 21-year high of 37.2% in September on the back of soaring import costs.
The government is in the process of negotiating a $3 billion support package from the IMF. Authorities are upbeat that the nation can unlock an IMF loan by the end of the year.