{"id":1239024,"date":"2022-10-30T23:43:55","date_gmt":"2022-10-30T23:43:55","guid":{"rendered":"https:\/\/www.ghanamma.com\/2022\/10\/30\/ghanas-economy-is-in-great-difficulty-akufo-addo-faces-reality\/"},"modified":"2022-10-30T23:43:55","modified_gmt":"2022-10-30T23:43:55","slug":"ghanas-economy-is-in-great-difficulty-akufo-addo-faces-reality","status":"publish","type":"post","link":"https:\/\/www.ghanamma.com\/2022\/10\/30\/ghanas-economy-is-in-great-difficulty-akufo-addo-faces-reality\/","title":{"rendered":"Ghana&#8217;s economy is in great difficulty &#8211; Akufo-Addo faces &#8216;reality&#8217;"},"content":{"rendered":"<p><\/p>\n<div>\n<div class=\"td-post-featured-image\"><img loading=\"lazy\" decoding=\"async\" width=\"503\" height=\"297\"  alt=\"\" title=\"Akufo-Addo sad\" src=\"http:\/\/www.ghanamma.com\/wp-content\/uploads\/2022\/10\/Akufo-Addo-sad.jpg\" data- class=\"entry-thumb td-modal-image lazyload\"\/><noscript><img loading=\"lazy\" decoding=\"async\" width=\"503\" height=\"297\" class=\"entry-thumb td-modal-image\" src=\"http:\/\/www.ghanamma.com\/wp-content\/uploads\/2022\/10\/Akufo-Addo-sad.jpg\"   alt=\"\" title=\"Akufo-Addo sad\"\/><\/noscript><\/div>\n<p><strong>President Nana Addo Dankwa Akufo-Addo has owned up to reality about the economy of Ghana.<\/strong><\/p>\n<p>He admitted on Sunday, October 30, when he addressed the nation in an impassioned broadcast, that the economy \u201cis in great difficulty\u201d.<\/p>\n<p>He says he will not exaggerate when he says Ghana\u2019s economy is in crisis.<\/p>\n<p>\u201cThe 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,\u201d he observed.<\/p>\n<p>For him, so many regressive factors have concurrently occurred, taking a toll on the economy in an unprecedented manner and that has resulted in the crisis.<\/p>\n<p>\u201cI cannot find an example in history when so many malevolent forces have come together at the same time.\u201d<\/p>\n<p>But he assured Ghanaians that the situation will be turned around just like it happened in the immediate post-Covid era.<\/p>\n<p>\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 bedeviled our economy.\u201d<\/p>\n<p>Ghana\u2019s economy has seen a meltdown in recent times with the factors largely attributed to the global crunch.<\/p>\n<p>Inflation in the country has risen to 37.2 percent, shooting high the prices of foods and other products.<\/p>\n<p>Traders have complained about the current cost of doing business, forcing them to recently shut their shops in Accra and Kumasi \u2013 the country\u2019s foremost cities.<\/p>\n<p>The domestic currency, Cedi, has depreciated in leaps and bounds against its major trading currency, the US Dollar.<\/p>\n<p>The economic crisis has seen the government approach the International Monetary Fund (IMF) for a bailout.<\/p>\n<p>President Akufo-Addo assures that the bailout being sought from the Fund is \u201cto 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.<\/p>\n<p>He added that his is a government that cares and that \u201cwe are determined to restore stability to the economy and provide relief\u201d.<\/p>\n<p><a class=\"twitter-follow-button\" href=\"https:\/\/twitter.com\/kwame_amoh?ref_src=twsrc%5Etfw\" data-show-count=\"false\">Follow @kwame_amoh<\/a><\/p>\n<p>\u00a0<\/p>\n<\/div>\n<p><script async src=\"\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n","protected":false},"excerpt":{"rendered":"<p>President Nana Addo Dankwa Akufo-Addo has owned up to reality about the economy of Ghana. He admitted on Sunday, October 30, when he addressed the nation in an impassioned broadcast, that the economy \u201cis in great difficulty\u201d. He says he will not exaggerate when he says Ghana\u2019s economy is in crisis. \u201cThe budget drawn for [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":1239026,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[72],"tags":[648,11225,1963,1404,250,2917,967],"class_list":["post-1239024","post","type-post","status-publish","format-standard","has-post-thumbnail","category-business","tag-akufoaddo","tag-difficulty","tag-economy","tag-faces","tag-ghanas","tag-great","tag-reality"],"_links":{"self":[{"href":"https:\/\/www.ghanamma.com\/2022\/wp-json\/wp\/v2\/posts\/1239024","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.ghanamma.com\/2022\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.ghanamma.com\/2022\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.ghanamma.com\/2022\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.ghanamma.com\/2022\/wp-json\/wp\/v2\/comments?post=1239024"}],"version-history":[{"count":0,"href":"https:\/\/www.ghanamma.com\/2022\/wp-json\/wp\/v2\/posts\/1239024\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.ghanamma.com\/2022\/wp-json\/wp\/v2\/media?parent=1239024"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.ghanamma.com\/2022\/wp-json\/wp\/v2\/categories?post=1239024"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.ghanamma.com\/2022\/wp-json\/wp\/v2\/tags?post=1239024"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}