Prime News Ghana

Akufo-Addo addresses nation on the economy Sunday

By Vincent Ashitey
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President Akufo-Addo will on Sunday, October 30, 2022, address the nation on the current economic situation in the country at 8:00 pm.

Ghana is currently facing an economic crisis. Its currency - the cedi - has lost 52% of its value against the US dollar since the beginning of the year and annual inflation has climbed above 37 percent.

The country is also negotiating a $3bn (£2.6bn) bailout with the International Monetary Fund which it hopes will grant it access to the international capital markets.

READ ALSO: Black currency market must stop - Akufo-Addo

Last week, traders closed down their stores for two days. Some Members of Parliament from the President's party on Tuesday, October 25, 2022 demanded the sacking of the Finance Minister, Ken Ofori-Atta and his Deputy, Charles Adu Boahen over the state of the economy and the depreciating cedi.

Today the MPs announced that following a request by President Akufo-Addo, they had suspended their push for Mr Ofori-Atta's sacking until after the IMF negotiations and the budget reading.

Meanwhile, the President and his cabinet will today, Thursday, October 27, 2022, begin a three-day retreat to deliberate on the economy as government’s negotiation with the International Monetary Fund (IMF) nears completion.

The President for the past two days engaged relevant stakeholders on how best to revive the economy.