On Sunday, October 30, 2022, President Nana Addo Dankwa Akufo-Addo will give a speech to the country about the state of the economy.
At 8:00 o’clock it will turn off.
The economic indicators for Ghana are getting worse. For instance, the value of the Ghana cedi has decreased significantly since the start of the year, by almost 50%.
According to Bloomberg, the dollar has also had the lowest performance globally when compared to a basket of 148 different currencies.
The cedi is currently valued at more than GH$12.00.
Ghana’s inflation rate for September 2022 is 37.2 percent, but the country’s producer price inflation rate for the same period increased to 45.5 percent, placing the majority of Ghanaians in a precarious situation as their purchasing power continues to decline in the face of low wages.
Food items are expensive, and transportation costs are also rising.
The Ghana Private Road Transport Union (GPRTU) is scheduled to hike tariffs by 19% beginning on Saturday, October 29, 2022. This action was required due to the consistently rising costs of petroleum supplies at the various fuel stations.
The price of diesel and gasoline at major fuel stations is currently over GH15 and GH13, respectively; according to transport operators, this is reducing their profit.
In the meantime, starting on Monday, October 24, VIP JEOUN announced additional transportation fees for the general public.
Workers are calling for better working conditions on the labor front. In the aftermath of these economic challenges, manufacturers are also implementing strategies to reduce operations.
The Ghanaian government and the International Monetary Fund (IMF) are currently negotiating a US$ 3 million bailout to stop the economic decline.
Meanwhile, as the government’s negotiations with the International Monetary Fund (IMF) draw to a close, the President and his cabinet will start a three-day retreat today, October 27, 2022, to discuss the economy.
The President has spent the last two days consulting with the appropriate parties on the best way to boost the economy.
