OccupyGhana has lamented that in these difficult times when Ghana’s economy has taken a nosedive, inflicting severe hardship on the citizenry, President Akufo Addo has failed to prove that he is indeed in charge of affairs.
“Though the current situation warrants a response like the one the Covid-19 pandemic got, the nation is yet to see such commanding leadership on the President’s part,” the statement read in part.
According to OccupyGhana, although the economic challenges that have bedevilled the Ghanaian economy are unbearably excruciating and require extraordinary measures to remedy, the president and his government have left the hungry and suffering Ghanaians in a state of hopelessness.
“No one expects the President to physically halt the fall of the Cedi, or conjure inflation away. However, it is imperative in such times that Ghanaians get the reassurance that their elected leader is doing all he can and that he cares.”
Meanwhile, the president, while touring the Eastern Region, urged Ghanaians on Sunday, October 23 to exercise restraint as his government worked around the clock to bring the challenges under control.
“I know the challenges Ghanaians are facing, I appeal to you to have faith in me to solve the challenges, this too shall pass,” he assured at the St Mark Anglican Church at Kyebi.
Beyond the president’s assurance, his Information Minister, Kojo Oppong Nkrumah, has announced that the Governor of the Bank of Ghana (BoG), Dr Ernest Addison, will be meeting the Managing Directors of banks and some forex bureaux.
At a press conference on Monday, October 24, 2022, he said: “The Bank of Ghana will be meeting the Managing Director of some of the Banks and the heads of the forex bureau association to hold discussions aimed at ensuring that the supply of forex on the market is stabilized and the overpricing is halted so that, those who need forex for business get it without hindrances at the banking halls as against rates on the black market or some other quarters.
“We will also be looking at long-lasting measures to ensure that forex rate is stabilized in the country, even as we expect a lot more inflow of forex following the completion of the syndication of the COCOBOD transaction loan.
“The Economic Management Team (EMT) is also meeting to appraise itself on some of the recommendations as we get closer to the end of the year. On Thursday, Cabinet itself will be meeting to receive what has gone through the EMT and updates from the IMF negotiation so that some decisions will be made and then update the country on the next step forward.”
Currently, the Ghana cedi, which has been declared the worst currency in the world, is fast depreciating against the dollar and other major trading currencies, which is having a domino effect on the prices of goods and services as well as other areas of the economy.
Although the government is in talks with the International Monetary Fund (IMF) for a bailout, it remains unclear how soon a deal will be reached.
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