Ghana is in crisis - President Akufo-Addo on the state of the economy

President Nana Addo Dankwa Akufo-Addo has stated that Ghana’s economy is in crisis.

According to him, “so many malevolent forces” such as the COVID-19 pandemic and the aggravation caused by the Russian invasion of Ukraine have contributed to the downturn in the country's economic fortunes.

President Akufo-Addo made this known on Sunday during his address to the nation on the country’s economic challenges which have forced the government to seek a bailout from the International Monetary Fund (IMF).

"We are in a crisis, I do not exaggerate when I say so," President Akufo-Addo said.

"I cannot find an example in history when so many malevolent forces have come together at the same time".

He was hopeful that the country would seize the opportunity presented by the crisis to revive the economy.

"But, as we have shown in other circumstances, we shall turn this crisis into an opportunity to resolve not just the short-term, urgent problems, but the long-term structural problems that have bedevilled our economy," he said.

He was hopeful that the government would reach an agreement with the IMF before the end of the year.

"I urge us all to see the decision to go to the International Monetary Fund in this light. We have gone to the Fund to repair, in the short term, our public finances, and restore our balance of payments, whilst we continue to work on the medium to long-term structural changes that are at the heart of our goal of constructing a resilient, robust Ghanaian economy, and building a Ghana Beyond Aid.

"I am able to report to you, my fellow Ghanaians, that the negotiations to secure a strong IMF Programme, which will support the implementation of our Post COVID-19 Programme for Economic Growth and additional funding to support the 2023 Budget and development programme, are at advanced stages, and are going well.

"We are determined to secure these arrangements quickly to bring back confidence and relief to Ghanaians. We are working towards reaching a deal with the IMF by the end of the year. This will give further credence to the measures the Government is taking to stabilize and grow the economy, as well as shore up our currency".

The country is currently negotiating a $3 billion (£2.6bn) bailout with the International Monetary Fund which it hopes will grant it access to the international capital markets.