<\/p>\n
President Nana Addo Dankwa Akufo-Addo has announced that Ghana\u2019s economy is in crisis.<\/p>\n
He attributed the situation to \u201cso many malevolent forces\u201d which he said have come together at the same time to cause the current economic turmoil bedevilling the country.<\/p>\n
\u201cWe 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.\u201d<\/p>\n
President Akufo-Addo said this when he addressed the nation on Sunday on the country\u2019s economic challenges, which have forced the government to seek support from the International Monetary Fund (IMF).<\/p>\n
The president was however hopeful that Ghana would bounce back from its economic predicament.<\/p>\n
\u201cAs we have shown in other circumstances, we shall turn this crisis into an opportunity to resolve not just the short-term, urgent problems, but the long-term structural problems that have bedevilled our economy,\u201d he added.<\/p>\n
Ghana\u2019s currency, the cedi has depreciated astronomically against major trading currencies especially the cedi since the beginning of the year.<\/p>\n
Fuel prices continue to escalate with no hope of stability any time soon, and inflation also keeps soaring with no end in sight.<\/p>\n
\u201cI urge us all to see the decision to go to the International Monetary Fund in this light. \u00a0We have gone to the Fund to repair, in the short term, our public finances, and restore our balance of payments, whilst we continue to work on the medium to long-term structural changes that are at the heart of our goal of constructing a resilient, robust Ghanaian economy, and building a Ghana Beyond Aid,\u201d the President added.<\/p>\n
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