Watch the full address of President Akufo-Addo on the economy

President Nana Akufo-Addo has assured Ghanaians that his government is working tirelessly to ensure the current economic hardship is curtailed.

“The whole world is being taken aback . . . economies big and small have experienced over this year alone the highest rise and cost of living over a generation,” he said.

He asked Ghanaians for their support to get the economy back into good shape.

In an address to the nation on Sunday, 30th October, 2022, the President said, “for us in Ghana our reality is that our economy is in great difficulty, the budget drawn for the 2022 fiscal year (that is this year) has been thrown out of gear, disrupting our balance of payment and debt sustainability, and further exposing the structural weaknesses of our economy. We are in a crisis, I do not exaggerate when I say so . . . “.

“The basic problem we face is we are not making as much money as we need to spend . . . not enough of us are paying our taxes, not enough of us are producing to generate the revenues that we need, nevertheless my ambitions for Ghana remain high . . .” he said during a national address on Sunday.