On Sunday evening, October 30th, 2022, President Akufo-Addo addressed the nation with a statement about the current state of the economy. It is possible to recall that several economists and political experts had previously made requests for Akufo-Addo to address the public on the reasons why he needed to do so. Many people believe that if the President gives an address, it will calm Ghanaians down and reassure them that at least he cares about the economic predicament the country is in. The economy of the nation is in a state of upheaval, and the President and the members of his economic team are being called into question over their level of expertise. The country’s government and representatives from the International Monetary Fund are now in the process of negotiating an agreement that would save the country’s economy. In his recent address to the nation, the President touched on a number of topics that are summarized below.
1. The rise in inflation that has occurred in many countries has wrecked the economies of nations all over the world. Both the interest rate and the unemployment rate have been on the increase recently.
2. The talks have progressed significantly, and it is possible that an agreement with the IMF can be achieved by the end of the year.
3. The President expressed his worry that the high cost of goods and gas forced Ghanaians to lose capital or go into employment that they did not want to do. He gave the Ghanaians assurance that things would soon return to normal.
4. There are plans to cut the national debt as a percentage of GDP by around 55% by 2028.
5. The amount of money collected from customers will go up by around 18–20%. The Ghana Revenue Authority is now in the process of implementing a plan that would ensure an increase in revenue collection.
6. A continuation of the pay freeze for government employees and a 30% reduction in ministry budgets
7. The Bank of Ghana is aiming to eliminate foreign exchange bureaus that are harmful to the value of the cedi and is making progress toward this goal.
8. The Ghanaian President urged the populace to have patience and faith in him as he works to fix the economy.
Last Thursday, former President John Mahama gave a speech to the nation, and many people felt that the message he delivered was motivational to the country. Who among the two leaders, if any, left a better impression on you? Do you think the address ought to have been pre-recorded before it was given? Is the path that the nation is taking the one that should be taken? Is it possible for Ken Ofori Atta and his group to reach a deal that is good for Ghana?
