Ghana is not the only country facing economic challenges – Nana Addo

"Ghana is not the only country faced with extraordinary increases in global freight rates, stringent inflationary pressures, dramatically rising fuel prices, unprecedented volatility in stock markets, and tighter global financing conditions. These are global phenomena."

These were the words of President Nana Addo Dankwa Akufo-Addo when he joined past and current students of St. Augustine's College to mark the school's 92nd Speech and Prize-giving Day on Saturday, March 19, 2022.

According to him, the challenges facing the country are not peculiar to Ghana as many other nations across the globe are going through the same.

He said Ghana will soon be out of the crisis with the implementation of the Ghana Coronavirus Alleviation and Revitalisation of Enterprises Support (CARES) Programme.

He revealed that the government is fully aware of the economic hardships in the country adding that the government is taking the best measures to save the economy from collapsing adding that the government has come under serious difficulty.

"I am certain that sooner rather than later, our economy, through the implementation of the government’s GH¢100 billion Ghana CARES Obaatanpa programme, would rebound from the ravages of the pandemic, bringing in its wake stability, development, progress, and prosperity for all Ghanaians," he stated.

However, the Minority has advised that in the midst of the hardships in the country and the worrying debt/GDP ratio of the country, the government should seek an IMF intervention.

Also, the Minority called for the resignation of Vice President Dr. Mahamudu Bawumia over the economic hardships in the country due to the depreciation of the local currency against major trading currencies.

John Jinapor, the Member of Parliament for Yapei-Kusawgu, called for the immediate resignation of Dr. Bawumia as the head of the Economic Management Team for the bad management of the economy.

He said "he [Bawumia] has gone comatose; he is nowhere to be found.

"Indeed the failure of this govt is legendary, the failure of this government is unprecedented...we believe that something must be done."

He indicated that "This performance has been abysmal, indeed the failure of this government is legendary and unprecedented. If I were the Vice President, I would have tender my resignation as the head of the economic management team of government because our economy is currently in a very bad state."