According to President Nana Addo Dankwa Akufo-Addo, he is well informed of how terrible the current situation is for Ghanaians as well as the majority of people worldwide.
He claims that the Covid pandemic’s consequences were exacerbated by the consequences of Russia’s invasion of Ukraine—have resulted in skyrocketing freight costs, soaring fuel prices, sky-high food prices, sharp jumps in inflation, and numerous company failures.
He has, however, reaffirmed that the administration is making efforts to revive the economy.
The President stated that approaching the International Monetary Fund is one strategy for getting the economy back on track.
“However, the ravages of the pandemic, worsened by the effects of Russia’s invasion of Ukraine, have led to spiraling freight charges, rising fuel costs, high food prices, steep inflationary spikes and widespread business failures.
“I am fully aware that these are very difficult times for us in Ghana, just as they are for most people in the world, cold comfort as that may be,” he made the disclosure while speaking at the opening of the 12th Biennial and 50th Golden Conference of the Methodist Church of Ghana.
“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 this season’s emerging, successful harvest will assist us achieve this objective, together with other policies that are being put in place,” he added.
Source; www.ghgossip.com
