President Nana Addo Dankwa Akufo-Addo has expressed optimism over the ability of his government to remedy recent economic headwinds the country is facing.
In an interview on Republic 97.5 FM, the president said the solutions being sought will fix the fundamentals of the economy and by so doing justify the government’s aspirations.
“I am confident that where our economy is now, we will find a solution to it and with that, the whole world will see that the fundamentals of the Ghanaian economy, the things we set out t do, we were right in identifying those things.”
He identified specifically the areas of food security and industrial development and expansion as major planks of the new economy being built.
On the causes of the current crisis, Akufo-Addo, who is currently touring the Eastern Region, put it down to the inability this year to raise funds on the capital markets.
“One of the most fundamental is our capacity to raise money on the international capital markets, this year that has been compromised. Largely as a result of issues in the global economy, which meant that all budgets of countries have been thrown out of gear,” he stated.
The economy is facing major headwinds that have been characterized by galloping inflation, consistent depreciation of the cedi and general high cost of living and of doing business.
The government is hoping to reach a deal with the International Monetary Fund, IMF, for an economic support programme aimed at shoring up the economy and easing the burden on ordinary Ghanaians.