Sign in
Download Opera News App

News Politics

 

Politics

 

Africa politics

Solutions to the economic crisis in Ghana - President Nana Addo Dankwa Akufo Addo


State of the nation's address by the President Nana Addo Dankwa Akuffo Addo on 30th October 2022

The following is a summary of what he said in this address to the nation.

He started with covid 19 and how he provided hospitals to care for infected persons. He also talked about how good he managed the pandamic and for receiving recognition for the best government who managed the pandamic very well.

He also said, that his government knows how to bring the

economy back to life and not people.

The world has experienced highest inflation so far in the last ten years. And Ghana has also suffered the steepest inflation of the cedi to the dollar.

He talked about the current state of the economy.

The president stated that, we should work together to bring back the economy to normal.

He made it known that he has instructed a reduction in the salaries and number of state officials and Ministers in office to reduce government expenditure. But the percentage or number wasn't made clear.


He admitted that the country is in a crisis. The desicisn to go the International Monetary Fund (IMF) to seek for loans and extra support is to settle balance of payments and other government expenditures.

He is aware of increasing cost of living which is putting pressure on businesses and has led to devaluation of business capitals.


His plan is to stabilize the currency.

However he announced that,the basic problem we are facing now as a country is that, we are not making enough money. The money generated is use to settle debts and government expenditures. He pleaded to everyone to pay their taxes and produce more to help the economy survive this hard times. He further said that the Ghana Revenue Authority (GRA) is rolling out extensive measures to take taxes and asked us to copreate with them to make the programme successful.


The president said in his address that he will review the economic situation in the next six (6) months, hopefully.

He urged us to consume products from our local factories or made in Ghana products.

State agencies will adopt measures to check people who post false news about the falling cedi to cause panic.

Bank of Ghana (BOG) will also enhance gold purchases and sanitize the foreign exchange market.

He encourages us to keep our cedi as the store of value instead of exchanging then for dollars.

He also said Ghanaians should have faith in his government to pull the country out of this crisis.

Measures that brought free shs,one district one factory, covid 19 interventions and solutions was done by his government to be able to save the economy from those hardships and will overcome this challenge too.

"For the battle is the Lord's"

Content created and supplied by: NaaPrecious (via Opera News )

Ghana Nana Addo Nana Addo Dankwa

COMMENTS

Load app to read more comments