President Nana Addo Dankwa Akufo-Addo has admitted Ghana's economy is facing challenges but not in crisis.
He also rubbished suggestions that the challenges amounts to crisis and added that, his administration was on top of issues and will address the difficulties.
Speaking to the Ghanaian Community in New York, USA, Mr Akufo-Addo attributed the difficulties in the system to the “dramatic increase in crude oil prices” and the strengthening of the US dollar.
He opined that the situation has led to “a significant and rapid depreciation of the cedi” but was quick to add that the Bank of Ghana is fighting the depreciation.
“We have to approach the foreign exchange matter medium to long-term by expanding our supply base, that’s not a crisis…they’re difficulties the system would be able to accommodate…” the President said.
“It’s a difficult situation, but a difficult situation also require some amount of fortitude and firm action and that’s what we are trying to do at home,” he said.