April 22, 2024

Although Nana Akufo-Addo has taken various steps to deal with the current economic crisis, Ghanaians are still reeling under the pressures of inflation, currency depreciation and high cost of living. We’ve compiled a list of some of the five steps the president and his appointees have adopted to improve the situation. Ghana’s economic crisis started shortly after the 2020 elections, but by April 2022 it was biting really hard. And by October 2022, it was wreaking havoc. Criticisms and wailings by the members of the public on radio, TV and social media about the situation and government’s silence compelled president Nana Akufo-Addo to deliver the infamous “sika mpe dede” (money hates noise) speech in which he admits Ghana was in a crisis. By that time, Ghana had belatedly applied for a $3 billion loan from the International Monetary Fund (IMF) amid record inflation, a rapidly depreciating cedi, and high public debt.

In that address, the president promised that his administration was keen on returning Ghana to glory days with some actions he has taken. We’ve compiled a short list of some of the actions the Nana Akufo-Addo administration has taken to tackle the debilitating economic crisis. While some of the actions have been explicitly announced, others are the outcome of diligent observation. Request for a $ 3 billion loan from the IMF Nana Akufo-Addo poses with MD of IMF, Kristalina Georgieva over Ghana’s economic crisis.

Source: Facebook/@nakufoaddo. Source: Facebook Nana Akufo-Addo explained during his October 2022 address on the economic crisis that the $3 billion bailout application in July 2022 was part of well-thought-out decisions to deal with the myriad of economic problems Ghana is facing. The president explained that the IMF cash will repair and restore Ghana’s balance of payments in the short term. He also said the bailout move will be complemented by structural changes in the medium and long term to construct “a resilient, robust economy”.

 

 

Source: yennews.com

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