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President Akufo-Addo has dismissed claims that Ghana is in a crisis due to the current economic challenges facing the government.
He said although most Ghanaians are currently facing difficulties, the situation is far from a crisis and can be handled.
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President Akufo-Addo was speaking at a meeting with the Ghanaian community in the New York, USA
“It is not a crisis, but the difficulties that we are going through now are difficulties that the system will be able to accommodate. It has meant some difficulties in the lives of ordinary people in Ghana, but they are events that were out of our control, which we have to find a way to accommodate,” Nana Addo said.
A section of the public has been unhappy with the current state of the economy, as the price of fuel has risen to as high as GHc5 per litre.
Also, the cedi continues to depreciate against the US Dollar – at the moment the Dollar is almost equivalent to GHc5.
President Akufo-Addo believes the difficult economic conditions “require some degree of fortitude and firm action, and that is what we are trying to do at home.”
He admitted that the budget has been strained due to the dramatic increase in crude oil prices.
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“You can imagine the pressures that in itself has brought on the budget; that $20 dollar increase in crude oil prices.
“The dollar has also strengthened considerably leading to a rapid depreciation of our cedi which the Bank of Ghana is now having to fight,” he added.
The President, however, assured that government will use industrialisation to solve some of these economic challenges.
He said Ghana needs to expand its “capacity to export not just crude and raw materials, but to expand industrial activity”.
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