President Akufo-Addo, has revealed that reining in inflation, by bringing down food prices, is a major preoccupation of government.
According to him, the country has in recent times been witnessing significant difficulties in the management of the national economy, largely as a result of the impact of the COVID-19 pandemic on the global economy. This, he indicated, has been exacerbated by the effects of the Russian invasion of Ukraine.
President Akufo-Addo however noted that government’s basic commitment to resolving these challenges, within the “framework of due process and democratic institutions, must remain unshaken”. He expressed his confidence that, “God-willing”, the country will overcome these challenges.
The President emphasized that other steps will be taken, in particular, to deal with the unacceptable depreciation of the cedi.
“Reining in inflation, by bringing down food prices, is a major preoccupation of the Government, and, hopefully, this season’s emerging, successful harvest will assist us in this regard. Arrangements are being made with market women, the market queens of popular parlance, to provide trucks to evacuate food stuffs from rural markets to urban centres to help reduce food prices in the cities.”President Akufo-Addo
President Akufo-Addo urged companies engaged in the manufacture of inorganic fertilisers to scale-up production to reduce the impact of the high cost and unavailability of fertilisers. This, he explained, must be done while government advances “rapidly our plans to establish an organic fertilizer plant” in Ghana.
Addressing economic challenges in the country
Elaborating on the decisive action and correct policy that propelled government’s wins, President Akufo-Addo states that “we will overcome our current economic challenges with the same mixture of determination, energy and appropriate policy”. He highlighted how his administration came into office at the time of an ongoing IMF supported economic programme, and was able to steer the country successfully out of the programme.
Additionally, the President noted that government was also able to build, in the three years of his first mandate, one of the fastest growing economies in the world then, prior to the outbreak of COVID-19, at an annual average GDP growth rate of seven percent (7%) in 2017, 2018 and 2019.
Providing reliefs to Ghanaians, the President indicated, remains paramount to government. It will be recalled that at the 22nd General Assembly of the Presbyterian Church, President Akufo-Addo noted that the approach to the IMF is a major step, in the short-run, towards the goal of bringing relief to Ghanaians.
In furtherance of this, the President noted that the GH¢100 billion Ghana Cares ‘Obaatampa’ Programme, the programme for post-COVID economic recovery and revitalisation, which is being implemented, anchors bright prospects for the medium-term.
President Akufo-Addo emphasized that government continues to have an “abiding faith in God” to help turn the fortunes of the nation around, especially with appropriate policy, determination and hard work on the part of everyone.
“… I urge all of you gathered here to have that same belief that the fortunes of Ghana under the Presidency of Nana Addo Dankwa Akufo-Addo will be restored.”President Akufo-Addo