President Akufo-Addo has admitted that the budget drawn by government for the 2022 fiscal year has been derailed due to the economic crisis.
According to him, the country is in a crisis and cannot find an “example in history when so many malevolent forces have come together” at the same time to impact the economy. However, he stated that as government has shown in other circumstances, he is committed to turning the crisis into an opportunity to resolve not just the short-term, urgent problems, but the long-term structural problems that have bedevilled the economy.
“For us, in Ghana, our reality is that our economy is in great difficulty. The 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.”
President Akufo-Addo
Addressing the nation today, October 30, 2022, President Akufo-Addo stated that Ghanaians must see the decision by government to go to the International Monetary Fund in light of helping revive the economy. He revealed that government has gone to the IMF to repair, in the short term, the public finances of the country and restore the balance of payments.
He stated that government will continue to work on the medium to long-term structural changes that are at the heart of its goal of constructing a resilient, robust Ghanaian economy, and building a Ghana Beyond Aid.
“I am able to report to you, my fellow Ghanaians, that the negotiations to secure a strong IMF Programme, which will support the implementation of our Post COVID-19 Programme for Economic Growth and additional funding to support the 2023 Budget and development programme, are at advanced stages, and are going well.”
President Akufo-Addo
Reviving the country’s economy
The President indicated that government is determined to secure these arrangements quickly to bring back confidence and relief to Ghanaians. He stated that he is working towards reaching a deal with the IMF by the end of the year.
This, he explained, will give further credence to the measures the government is taking to stabilize and grow the economy, as well as shore up our currency.
“I know that the increasing cost of living is the number one concern for all of us. It is driven by fast escalating fuel prices at the pumps, which is caused by high crude oil prices on the world market and our depreciated currency. I know that this is putting intolerable pressure on families and businesses. I know that people are being driven to make choices they should not have to make, and I know that it has led to the devaluation of capital of traders and painfully accumulated savings.”
President Akufo-Addo
President Akufo-Addo stated that government is working to secure reliable and regular sources of affordable petroleum products for the Ghanaian market in face of rising fuel prices in the country. He noted that it is expected that the arrangement, when successful, coupled with a stable currency will halt the escalation of fuel prices and bring relief to Ghanaians.
Commenting on the high prices of goods in the country, President Akufo-Addo stated that he is aware that another factor fuelling the high prices is the high margins that some traders are slapping on goods, for fear of future higher costs. To this end, he entreated the traders to be measured in the margins they seek.
“I have great respect and admiration for the ingenuity and hard work of our traders, especially those that take on the distribution of foodstuffs around the country, and I would hesitate to join in calling them names. I do make a heartfelt appeal that we all keep an eye out for the greater good, and not try to make the utmost profits out of the current difficulties.”
President Akufo-Addo
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