Value of the Cedi higher than Akufo-Addo’s address – Manasseh Azure

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President Akufo-Addo in his Sunday address to the citizens admitted to Ghana’s economic crisis, describing it as a ‘historic’ development.

According to him, the country’s ballooning debt stock, rising inflation, free fall of the local currency, and the depletion of macroeconomic variables are due to many ‘malevolent forces’ which are currently working together.

He reiterated the government’s commitment to dealing with the present economic decline.

“We are in a 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.

But, as we have shown in other circumstances, we shall turn this crisis into an opportunity to resolve not just the short-term, urgent problems, but the long-term structural issues that have bedeviled our economy”, the President said.

Added, “For us, in Ghana, our reality is that our economy is in great difficulty. The budget drawn for the 2022 fiscal year has been thrown out of gear, disrupting our balance of payments and debt sustainability, and further exposing the structural weaknesses of our economy”.

The president point out key measures to salvage the ailing economy, Nana Akufo-Addo disclosed that all government officials would continue to take a pay cut of 30%; including the President and the Vice President.

He also added that the Bank of Ghana is working assiduously with other relevant state agencies to keep the local currency from depleting further against other major trading currencies across the globe.

He also emphasized that persons who falsely speculate about the fall of the Cedi will be dealt with.

Ending his speech, the President said he will consistently update Ghanaians regularly on measures by his government to put the economy on a good footing.

But Manasseh Azure believes, the President’s speech was “nothing but as flat as the cedi”.

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