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Ghana’s economy bad due to Russia-Ukraine war

Ghana’s economy bad due to Russia-Ukraine war

President Nana Addo Dankwa Akufo-Addo has assured the Ghanaian people once more that his government is determined to bring relief to the Ghanaian people and return the economy to the high rates of growth that characterised economic management in the three (3) years preceding the COVID outbreak in 2020.

“In recent times, we have been witnessing significant difficulties in the management of the national economy, largely as a result of the impact of the COVID-19 pandemic on the global economy, which has been exacerbated by the effects of the Russian invasion of Ukraine,” President Akufo-Addo said.

“The fundamental commitment to resolving these challenges within the framework of due process and democratic institutions must remain unshaken,” he said. And, God willing, I am confident that we will overcome these obstacles.”

The President announced this on Monday, September 12, 2022, when he delivered the keynote address at the Ghana Bar Association’s annual Bar Conference.

He was confident that “we will overcome our current economic challenges with the same mixture of determination, energy, and appropriate policy,” recalling the Government’s resolve, decisive action, and correct policy that saw it win the war against COVID-19.

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President Akufo-Addo recounted how his administration came into office during an ongoing IMF-supported economic programme and was able not only to successfully steer the country out of the programme, but also to build one of the fastest growing economies in the world prior to the outbreak of COVID-19, with an annual average GDP growth rate of 7% in 2017, 2018, and 2019.

“We’ll do it again.” In fact, the recovery from COVID-19 appeared to be on track in the fourth quarter of 2021, when our economy grew at 7%, only for Russia’s invasion of Ukraine in the first quarter of this year to exacerbate our problems. “We will defeat them,” he added.

It will be remembered that, at the 22nd General Assembly of the Presbyterian Church, President Akufo-Addo stated that the approach to the IMF is a significant step in the short run toward the goal of bringing relief to the Presbyterian Church.

“Other steps will be taken, particularly to address the cedi’s unacceptable depreciation.”

“Reducing inflation by lowering food prices is a major concern for the government, and we hope that this season’s emerging, the successful harvest will help us in this regard. “Arrangements are being made with market women, or market queens, to provide trucks to transport food from rural markets to urban centres in order to help reduce food prices in cities,” the President said.

“We are encouraging companies engaged in the manufacture of inorganic fertilisers to scale up production to mitigate the impact of high fertiliser costs and scarcity, while we advance rapidly our plans to establish an organic fertiliser plant in Ghana,” he added.

In addition, the President stated that the GH100 billion Ghana Cares “Obaatampa” Programme, which is being implemented for post-COVID economic recovery and revitalisation, anchors bright medium-term prospects.

“I continue to have an abiding faith in God to help turn our nation’s fortunes around, especially with appropriate policy, determination, and hard work on our part,” he added. “I urge all of you gathered here to have that same belief that Ghana’s fortunes will be restored under the Presidency of Nana Addo Dankwa Akufo-Addo.”



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