Mahama to speak on ‘collapsed economy, unprecedented hardship’ on Thursday

Former President John Dramani Mahama will this Thursday, October 27, 2022, be speaking on the current economic situation of the country.

This was disclosed by the Communications Officer of the National Democratic Congress (NDC), Sammy Gyamfi via Twitter.

The address will touch on what the party says is “Ghana’s collapsed economy and the unprecedented hardships sweeping across the land”.

It will come off at 7pm.

 

Just last week, the former President asked Ghanaians to keep hope alive as the country’s economy continues to take a nose dive.

That comment followed the death of a man who committed suicide by electrocution on a high-tension pylon in Kasoa in the Central Region.

Ghana’s economic indicators keep worsening. The Ghana cedi for instance has seen a huge depreciation as it has lost close to 50 percent of its value since the beginning of the year.

Bloomberg has also rated the currency as the worst-performing worldwide after considering a basket of 148 currencies around the world. Currently, the cedi is selling at over GH¢12.00.

Ghana’s inflation for September 2022 stands at 37.2 percent while Producer Price Inflation for the same month has risen to 45.5 percent putting majority of Ghanaians in a tight situation because their purchasing power keeps reducing amidst poor salaries.

Prices of food items are high, coupled with increasing cost of transportation.

On the labour front, workers are demanding better working conditions. Manufacturers are also adopting ways to cut down on operations in the wake of these economic difficulties.

There are ongoing discussions between the government of Ghana and the International Monetary Fund (IMF) for a US$ 3 million bailout to salvage the economic downturn.

But President Nana Akufo-Addo has asked Ghanaians to have faith in him to change the country’s current ailing economy.

Nana Akufo-Addo said he has kept faith in God, and he is optimistic God will help him change the current economic woes.

Addressing congregants at the St. Mark Anglican Church during the inauguration of the Kyebi Archdeaconry to begin the final day of his 3-day tour of the Eastern Region, President Nana Akufo-Addo said Ghana’s current economic challenges will soon be over.

“Let’s keep our faith in God and let’s trust God to use me to turn the fortunes of the nation around. Don’t lose your faith in me. Keep believing me, know that this too shall pass.”

Source: citinewsroom.com