Our economy has gone from crisis to crisis – Mahama
Former President John Dramani Mahama said the current economic crisis in the country has led to debilitating living conditions.
According to him, the economy under President Akufo-Addo “tipped from crisis to crisis”.
According to him, President Akufo-Addo seems to have no idea how to stop the situation.
In a social media post on Friday, the National Democratic Congress (NDC) 2020 presidential candidate also lamented the impact of the continued depreciation of the Ghana cedi.
He added that the current rate of local currency depreciation is the highest in recent history.
“Over the past few years, our economy has gone from crisis to crisis, ultimately resulting in the most debilitating living conditions in several decades.
“In the space of ten months, our currency has depreciated by more than 62% against the US dollar, which is the highest in recent memory,” the former president said.
Prices for fuel, goods and services have soared rapidly in recent months, pushing many households into poverty.
Recently, international rating agencies downgraded Ghana’s economy to reflect the country’s inability to resolve its liquidity and debt problems.
With limited access to international financial markets and difficulties in mobilizing domestic revenue to salvage the situation, Ghana has now turned to the International Monetary Fund (IMF) for a $3 billion bailout.
However, President Akufo-Addo addressed the nation on Sunday, October 30, about the steps his government was taking to stem the current economic crisis, hinting that the government might reach an agreement with the IMF by now. the end of the year.
According to him, the country is likely to reach an agreement by December to secure the crucial bailout package it seeks.
Amid the general economic difficulties facing Ghanaians, the President, in his address to the nation on Sunday, insisted that the government is committed to getting the economy back on track.
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