By John Ikani
President of Ghana, Nana Akufo-Addo has admitted that the economic crisis bedeviling the West-African nation is worse than pathetic.
Nana Akufo-Addo who appeared on TV to deliver a nationwide address on Sunday, said he can no longer exaggerate the state of nation’s economic woes which is no longer secret to nationals and the international community.
According to him: “We are in crisis. I do not exaggerate when I say so. I cannot find an example in history when so many malevolent forces have come together at the same time.”
Heritage Times [HT] had earlier reported that Bloomberg classified the Ghana Cedi – which has depreciated by over 50% this year – as the world’s worst-performing currency against the US dollar.
Mr Akufo-Addo blamed speculation and illegal forex traders for the depreciation, adding that the central bank would clamp down on perpetrators.
Inflation has risen to a record 37.2% with fuel prices skyrocketing in the country best known for its lush forests, diverse animal life, and miles of sandy beaches along a picturesque coast.
Announcing a raft of measures to address the crisis, the president said the government would maintain a 30% cut in the salaries of the president, vice-president, ministers, and other government appointees.
Ghana is also negotiating a $3 billion IMF bailout programme.
The president assured investors in government treasury bills and other financial instruments that they would not lose their money because of the deal – amid concerns that a possible debt-restructuring agreement could affect the investors.
