As the economy continues to deteriorate, Ghana is facing difficulties. On October 30, 2022, President Nana Addo Danwka Akuffo Addo is scheduled to deliver a speech to the country on the current state of the economy.
- FUEL PRICE
The ongoing rise in fuel prices is one among the main issues President Nana Addo will address. Important specialists and economists have clarified that high fuel prices are the primary cause of Ghana’s rising inflation rate. Naturally, the rising cost of petroleum is reflected in rising transportation and utility bills. Additionally, the high cost of transportation is a contributing factor in the high pricing of food items. Knowing this, the President will undoubtedly bring up the issue and outline the steps the administration is doing to resolve it. It is less likely that his administration will eliminate the levies on petroleum-based goods. However, let’s wish for the best.
2. HIGH RATE DEPRECIATION
The high rate of depreciation or the erratic exchange rate will also be topics of the President’s address to the country.
The rate at which the cedi is depreciating versus the dollar and other major currencies is the main factor putting pressure on the finance minister. The government thinks that an IMF intervention would help to solve this issue.
The IMF hasn’t started its program in Ghana yet, though. Therefore, it is likely that the President will discuss some short-term steps that his administration is taking to address this issue.
The President will also discuss the subject of rising food and producer good prices, as well as the rising cost of transportation, among other things. The President can also implore Ghanaians to make some sacrifices and have faith in his administration to get us out of the current morass.
There is a widespread perception that, had John Dramani Mahama not taken the initiative to address the nation, President Nana Addo would continue to show his casual attitude toward the problems facing regular Ghanaians that he was elected to resolve.
CONCLUSION
Ghanaians would eagerly await concrete measures that only serve to assuage their nerves and produce results.
