General News

Our economy has lurched from crisis to crisis – Mahama

Former President, John Dramani Mahama has stated that the prevailing economic crisis in the country has led to debilitating living conditions. 

According to him, the economy under President Akufo-Addo “has lurched from crisis to crisis.” 

In his view, President Akufo-Addo seems to have no idea with regard to arresting the situation.

Our economy has lurched from crisis to crisis - Mahama
John Dramani Mahama’s tweet on the economy

In a social media post on Friday, the National Democratic Congress (NDC)’s 2020 Presidential Candidate also lamented the impact of the continuous depreciation of the Ghanaian Cedi. 

He added that the current rate of depreciation of the local currency is the highest in recent history. 

“In the last few years, our economy has lurched from crisis to crisis, ultimately resulting in the most debilitating living conditions in several decades. 

“Within a space of ten months, our currency has depreciated by over 62% against the US$, which is the highest in recent memory,” the former president said. 

Prices of fuel, goods and services have rapidly soared in the last few months, plunging several households into poverty.

Recently, international ratings agencies have downgraded Ghana’s economy to reflect the country’s inability to fix its liquidity and debt challenges.

With limited access to the international financial markets and challenges with domestic revenue mobilisation to rescue 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 measures his government was taking to curtail the current economic crisis, hinting at government possibly securing a deal with the IMF by the end of the year.

According to him, the country is likely to arrive at an agreement by December to get the crucial bailout it seeks.

Amidst the general economic difficulties facing Ghanaians, the President in the address to the nation on Sunday insisted that the government is committed to ensuring that the economy is back on track.

DISCLAIMER: The Views, Comments, Opinions, Contributions and Statements made by Readers and Contributors on this platform do not necessarily represent the views or policy of Multimedia Group Limited.

Back to top button