Director of Research at the Institute of Economic Affairs (IEA), Dr John Kwakye, has stated that President Nana Addo Dankwa Akufo-Addo’s planned address on the economy is highly anticipated.

According to him, the address has the potential to rekindle the markets and should therefore, not fall short of expectations.

“The President’s speech is highly anticipated. It has the potential to rekindle the markets. Therefore, let it not disappoint”, Dr John Kwakye tweeted ahead of the President’s address today, Sunday, October 30, 2022.

“In sum, the President’s speech to the nation must indicate: 1). austerity measures to address the crisis led by Gov’t; 2). a reconstitution of the Economic Management Team to include experts/professionals; and 3). a transition team, also including experts/professionals.”
Dr John Kwakye

Expectations are high as the President, for the first time since the recent deterioration of the economy, addresses the nation at 8pm on Sunday night. The fast depreciation of the Cedi, the rising prices of food, fuel and other products, remain major concern for citizens.

Fuel prices have already shot up significantly by about 10 percent even before the fortnight review of petroleum products on Sunday, October 30, 2022, by the Oil Marketing Companies (OMCs).

This is coming despite a stable price of crude oil on the world market. Some market leaders such as GOIL and TotalEnergies are selling petrol at GH¢16.5 a liter while Petrosol and Engen, have increased prices for both petrol and diesel astronomically. While Petrosol is now selling petrol for GH¢17.45 per liter, Engen is selling a liter of petrol for GH¢17.54.

Meanwhile, driver unions have increased transports fares by 19% effective October 29, 2022 with sachet water also expected to go up on Monday, October 31, 2022.

Ghana has been going through economic challenges

Ghanaians are calling on the government to sit up and address the situation which has since gotten out of hand. Some majority MPs have already called for the dismissal of the Finance Minister as they believe he has failed to live up to expectations. A section of Ghanaians has also supported the call for the Minister to vacate his post.

Meanwhile, the President and other government officials have been engaging key stakeholders on how to deal with the situation. Cabinet ended a three-day retreat on the economy on Saturday October 29, 2022.

At the meeting, Information Minister, Kojo Oppong Nkrumah disclosed that President Nana Addo Dankwa Akufo-Addo settled on key decisions aimed at responding strongly to the impact of the global economic challenges on Ghana. He noted that the President’s address will “start the exercise of rebooting” the economy as the head of state outlines the measures.

“We’ve wrapped up a three-day cabinet retreat during which President Akufo-Addo has settled on key decisions aimed at responding strongly to the impact of the global economic challenges on Ghana. This follows a week of interactions with various economic actors and inputs from the IMF negotiations so far.”
Kojo Oppong Nkrumah

It is the expectation of all and sundry that the President will calm agitated citizens and outline prudent measures that will help reduce the suffering of Ghanaians.