This comes from pressure mounted on the President to speak on the recent economic downturn Ghanaians are facing.
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Akufo Addo to address Ghanaians today on the cost of living crisis, ailing economy
His Excellency, Nana Addo Dankwa Akufo-Addo will tonight, Sunday, October 30, 2022 address Ghanaians on the government’s intervention to resuscitate the ailing economy and to flatten the high cost of living crisis.
President Nana Addo Dankwa Akufo-Addo
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President Akufo-Addo is scheduled to speak in a GTV live telecast at 8:00 pm.
The President’s address is expected to focus on the spiraling cost of living and the immediate reforms needed to restore economic growth.
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The country has witnessed escalating hikes in food prices, abrupt depreciation of the cedi, and the rising cost of fuel, sparking a public outcry for an improved economy.
Nana Addo has already met cabinet and other interest groups on how best to strengthen the fiscals.
Ghana’s economic indicators keep worsening, the Ghana cedi has since the year begun seen a steep depreciation losing close to 50 percent of value.
The Cedis has also rated the worst-performing currency worldwide after considering a basket of 148 currencies by Bloomberg
Inflation currently stands at 37.2 percent while Producer Price Inflation has risen to 45.5 percent putting the majority of Ghanaians in a tight situation because purchasing power keeps reducing amidst poor salaries.
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Prices of food items are high, coupled with the increasing cost of transportation.
Ghanaians are paying more for transportation as fares have increased by 19%, a move necessitated by the continuous soaring prices of petroleum products at the various fuel pumps.
Diesel and Petrol are currently selling at over GH¢17 and GH¢15 respectively at central fuel pumps; a situation transport operators say is eroding their profit.
Meanwhile, workers' unions are also demanding better working conditions. Manufacturers are adopting ways to cut down on operations in the wake of these economic difficulties.
The government of Ghana is currently in talks with the International Monetary Fund (IMF) for a US$ 3 million bailout to salvage the economic downturn.
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