President Akufo-Addo has acceded to the assertion that Ghanaians are currently facing severe economic hardship that has compromised their wellbeing.
The President told the media that he has been furnished with the general outlook of the country’s economy, which indicates that the cost of living is high.
Speaking on Kumasi-based OTEC FM on Monday, he said “I know times are hard for Ghanaians. The data comes to me. So I’m very much aware. I know things are hard for Ghanaians.”
President Akufo-Addo, who is on a four-day tour of the Ashanti Region, however, assured that “we (experts in his government) have a plan and programme to help us resolve this.”
He cited the ongoing discussions between the International Monetary Fund (IMF) and the government delegation led by Finance Minister Ken Ofori-Atta as one of the measures put in place to restore the crippled economy.
“It’s part and parcel of a larger programme of development we want to embark upon to solve the current hardship in the country. So it is not like the government is not doing anything about it,” he reiterated.
It would be recalled that in December 2021, President Akufo-Addo made a similar comment, admitting that Ghana is facing some economic challenges.
He, however, made it clear that he was not responsible for the deteriorating state of the wellbeing of Ghanaians.
“I admit that Ghanaians are going through difficult times. Some people are trying to say that it is my fault, but you know that is not the case.”
Ghana is working to come out of an economy that is recording a consistent rise in inflation and further depreciation of the local currency.
According to recent international reports, the Ghana Cedi has fallen in value against the US dollar by 40.05% since January.
At forex bureaus in the Greater Accra Region, a dollar is trading at GHS12.
Again, as of September 2022, Ghana’s inflation stood at 37.2%. Eastern region, with 47.1% maintained its lead as the region with the highest inflation.
It was followed by the Greater Accra (45.3%) and Central regions (41.9%).
The rise in general prices has been attributed to a price surge in housing, water, electricity, gas, and other energy sources (68.8%).
In September this year, electricity and water tariffs were increased by 27.15% and 21.55%, respectively.
A litre of petrol, that cost about GHS7 in January 2022, now costs GHS13.10.
A rise in the price of fuel products has, in some cases, have led to the adjustment of transport fares. Transport fares increased by 15% in February and 20% in May.
As most economic activities engage in transportation as part of the production process, any surge in the price of fuel products and transport fares will translate to an increase in the price of a commodity.
According to the government, it is aware of these trends and is “working hard to try and find a solution to these problems.”
Source: The Independent Ghana