President Akufo Addo says he’s very much aware of the current difficulties confronting the nation and his government is working very hard to resolve them.
He’s however, urged Ghanaians to count our blessings in how together we are managing the difficulties.
“We all see the images around the world, here in Ghana, we’ve not had any fuel queues, we’ve not suffered shortages of food and essential items, all the catastrophe of dumsor. Undoubtedly, major global developments have had a negative impact on our domestic economic performance. We’ve witnessed historic heights in global inflation and food prices. Rising global interests rate triggered by the tightening of monetary policy of Central banks across several advanced economies to tame rising inflation and energy crisis with crude oil prices reaching unprecedented heights at one point above $120 a barrel. The strengthening of the United States Dollar against all other currencies, the tightening of global financing conditions especially for emerging markets and developing economies,” President Akufo-Addo said in his address at the 66th Independence Day Anniversary celebration at Adaklu in the Volta Region on Monday 6th March 2023.
He further noted that these phenomena have manifested in Ghana in the form of depreciation of our currency, the decline in growth of international reserves, high inflation, elevated debt burden, significant fiscal stress, constrained domestic and external financing, and reduced GDP growth.
“It is these that have brought hardships on our people. Government has deployed a number of fiscal measures to help bring relief to Ghanaians and I’m confident that sooner rather than later we’ll see significant relief and recovery.”
