The President, Nana Addo Dankwa Akufo-Addo has admitted the economy of Ghana is going through trying times.
He has, however, dismissed concerns that these difficulties amount to a crisis; assuring his audience that the government is on top of the situation.
Speaking to the Ghanaian Community in New York, USA, President Akufo-Addo attributed the difficulties to the “dramatic increase in crude oil prices” and the strengthening of the dollar.
President Akufo-Addo admits that has led to “a significant and rapid depreciation of the cedi” but was quick to add that the Bank of Ghana is fighting the depreciation.
He said his government is approaching the foreign exchange matter, medium to long-term by expanding the supply base.
He said his government will work to find a cure to the situation and future ones.
President Akufo-Addo emphasised that a difficult situation requires some amount of fortitude and firm action and that’s what the government is trying to do.
