According to President Nana Akufo-Addo, he is aware of the economic challenges.
The president told reporters at Jubilee House, “I have observed the problems that our currency has been facing.
He said, “I have witnessed the challenges and the huge rise in price levels, significant increase in the cost of living, and challenges generally in the way the economy is rising.”
All parties involved, according to the president, must understand their roles in improving the situation.
In order for us to move forward and, ideally, keep constructing a better economy, “we have to understand that all sectors and actors of the economy, whether on the side of management, labor, or workers, have to find a means of balancing the many considerations.”
The president will address the nation on Sunday, 30 October 2022, at 8 pm on the economic challenges facing the country.
The rate of inflation, as of September, was 37.2 per cent.
Also, the producer price inflation for that month hit 45.5 per cent. The prices of food items on the market keep soaring by the day.
Fuel prices also keep shooting up.
Some oil marketing companies are selling petrol and diesel at GHS17-plus and GHS19-plus per litre, respectively.
The Ghana cedi has lost about 50 per cent of its value since the beginning of the year. A few days ago, one needed as much as GHS15-plus to buy one dollar.
Traders went on a strike for a couple of days over the depreciation of the cedi.
The hardships have culminated in a clamour for the resignation of Finance Minister Ken Ofori-Atta, as well as the Minister of State at the Finance Ministry, Mr Charles Adu Boahen.
The majority caucus joined the chorus recently by threatening to boycott the 2022 budget reading and all other government businesses on the floor of parliament if the president did not boot out his cousin.
After a meeting with the president at the Jubilee House on Tuesday, 25 October 2022, however, the majority caucus relaxed its stance following a plea by the president for them to allow Mr Ofori-Atta to conclude the ongoing negotiations with the International Monetary Fund for a $3-billion extended credit facility programme.