How the current global economic turmoil is affecting Ghana, according to President Akuffo Addo
Recently, Ghana has experienced its own share of economic turmoil as the price of oil plummeted, and food prices soared worldwide.
President Akuffo Addo took to the media to address these issues, but what he said may surprise you.
In this article, we’ll break down his speech and tell you exactly how he feels about these crises and how they’re affecting Ghana and the rest of the world today, according to his own opinion.
What our forefathers thought about economic crises
According to President Akuffo Addo, our forefathers thought that economic crises were aberrations which are not supposed to recur.
He goes on to say that they believed that with hard work and enterprise, [people] could get out of them.
However, he notes that the current crisis is different because it is global in scope and character. As a result, he urges Ghanaians to be patient and work together to weather the storm.
Possible triggers for the crises
The current global economic turmoil has been caused by a number of factors, including trade tensions between the United States and China, Brexit uncertainty in the United Kingdom, war between Russia and Ukraine, and slowdown in European economies.
These factors have led to a decrease in demand for goods and services, and an increase in risk aversion among investors. As a result, Ghana’s economy has been affected in a number of ways.
The government’s response to this situation
At the African Union Champion of Financial Institutions the Boma of Africa Economic Conference, President Akuffo Addo of Ghana spoke on how the global economic turmoil is affecting his country.
He also announced plans to focus on improving Ghana’s infrastructure and education systems to better position the country in the future. Here are some of his most noteworthy statements from his speech.
How citizens can respond to this situation
The President of Ghana, Nana Akufo-Addo, recently spoke about how the current global economic turmoil is affecting Ghana.
He said that jobs are being lost and businesses are struggling. The President urged the people of Ghana to remain calm and to trust in the government’s ability to handle the situation.
He also announced a package of measures that the government will be taking to help ease the economic burden on the people of Ghana.
The State of Economy
President Akuffo Addo stated in a recent address that the current global economic turmoil is affecting Ghana.
He said that the high interest rates are making it difficult for businesses to expand and create jobs. In addition, the fall in commodity prices has led to a decrease in export earnings.
As a result, the government has had to cut spending and increase taxes. The President also noted that the situation is likely to improve in the second half of 2023 as commodity prices are expected to rebound and interest rates are expected to fall.
This is covered in Global economic turmoil is affecting Ghana
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