President Nana Akufo-Addo of Ghana claims that the economic situation facing his country is at its worst. In a Sunday speech to the country, the president stated: “A catastrophe has struck. I am not lying when I say that. I can’t think of a single instance in history where such a confluence of evil forces has occurred.”
The Ghana cedi has lost over 50% of its value versus the US dollar so far this year, making it the worst-performing currency in the world. The depreciation was attributed to speculators and illicit currency trading by Mr. Akufo-Addo, who also promised that the central bank would punish offenders. The fuel cost has been growing worldwide, and inflation has reached a record high of 37.2%.
The president stated that the government would continue to maintain a 30% cut in the salaries of the president, vice president, ministers, and other government appointments while announcing a slew of steps to alleviate the situation.
Ghana is also discussing an IMF bailout deal of $3 billion. Amid worries that a potential debt-restructuring agreement could damage the investors, the president reassured holders of government treasury bills and other financial instruments that they would not lose their money as a result of the accord.
