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.
Government retreat at Peduase Lodge
He said government has taken some firm decisions to put us on the path that will take the nation out of the current economic difficulty.
Some of Outlines to be taken
- To restore and sustain debt sustainabilty: He said government plans to reduce our total public debt to GDP ratio to some 55% in present value terms by 2028. With the servicing of our external debt, not more than 18% of our annual revenue also by 2028.
- Aiming to restore and sustain macroeconomic stability within the next 3 to 6 years. Focus on ensuring debt sustainabilty to promote durable and inclusive growth while protecting the poor.
- Review reforms in Energy sector
- Capping of statutory funds
- Implementation of the exemptions Act
- New Property rate regime
- Continuation of the policy of 30% cut on the salaries of political office holders; President, Vice President, Ministers, Deputy Ministers, MMDCEs and SOE appointees in 2023.
- 30% cut in discretion expenditures of Ministries, Departments and agencies.
- Review the standards required for imports into the country.
Actions taken thus far
- Enhanced supervisory action by the Bank of Ghana in the Forex Bureau Market and the Black Market to flush out illegal operators
- Fresh inflows of dollars are providing liquidity to the foreign exchange market in addressing the pipepline demand
- Bank of Ghana has given its full committment to the commercial banks to provide liquidity to ensure the wheels of the economy continue to run in a stabilize manner till the IMF programme kicks in and the financing assurances expected from other partners also come in.
- Government is working with the Bank of Ghana, all producing and Mining companies to introduce a new legal and regulatory framework to ensure that all foreign exchange and from operations in Ghana are initially paid to Banks domiciled in Ghana to help boost the domestic foreign exchange market.
- Bank of Ghana will continue and enhance its gold purchase programme.
Watch the full address below
Source: Peacefmonline.com
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There is something fundamentally wrong about how speculation is relied upon to take hold of real facts when you hear some academics, lawyers, and politicians make certain statements to argue out their stances at the expense of informed opinions. I believe there is a lot of intellectual dishonesty in our political space in Ghana. Or do we make incorrect assumptions? We wrongly measure the intellect of people by their proficiency in the Queen's language. When such people fail to effectively or intellectually communicate their views, they tend to be insulting. Unfortunately, such characters abound in the NDC and their cohorts in the paid-press. They are the elements who have jumped on the president, calling him names and hurling insults at him after his address.
Well said Mr president. Hope we will soon see positive results in these policy initiatives. Fact is that majority of Ghanaians have a lot of goodwill and confidence in Akuffo Addo to deliver as shown in the 2016 election results. Ghanaians generally like the president, we don't hate him, no. However the president main challenge is that he is reactive instead of being proactive. Going forward he should take the bull by the horns by ensuring that all that he said tonight is monitored on a daily bases. Aside that he shouldn't only rely on his appointees for information. He has friends and close associates who will tell him the reality on the ground. There're quite a sizable number of Ghanaians who have made enemies because of the akuffo Addo , some family members are not in talking terms because of him so when such people don't see any positive change in their lives since you became president they get frustrated and see you as the cause of their current predicament, even though it's virtually impossible for the president to have one on one contact with such individuals who are all over the country, they expect to see an appreciable change in their standard of living and you need to act in ways that engender confidence in the citizenry. The president demeanor through out his address gives me the impression that he's actually feeling the heat on Ghanaians. He should know that there are a lot of people out there who wants him to succeed. We have supported him from 2008 to date .Hope he meant what he said.After its not one person who is suffering, we are all inside. The appointees should also humble themselves, this is not the time to chop power, they should guide their utterances in your dealings with the citizens. Leadership by example is what we give the people hope.
So after supervision of the countries mess this man is finally admitting that we are in crises. You and your family should solve it.
I hope Sampson Lardy is listening. Sampson is becoming emotional and does not ask probing questions to his panelists anymore unlike when Kwaku Baako, Ato Dadzie and others were panelists in the past. One of yesterday's newfile panelists was peddling falsehood regarding Ministry of Finance supplying false figures to IMF, yet Sampson could not ask the source of her information. Newsfile should organise more training for the host to ensure sustainability.