President Nana Addo Dankwa Akufo has once again attributed the current economic crisis to global factors including the outbreak of the covid-19 and the Russian and Ukraine war.
The President in his 66th independence day speech asked Ghanaians to count their blessings despite the challenges.
According to him, his administration was doing everything possible to address the current challenges confronting the nation.
Akufo-Addo added that despite the many challenges, his government had ensured the supply of basic commodities to prevent the crisis from escalating.
“We all see the images around the world, here in Ghana, we’ve not had any fuel queues, we’ve not suffered shortages of food and essential items, or the catastrophe of dumsor. Undoubtedly, major global developments have had a negative impact on our domestic economic performance.
“We’ve witnessed historic heights in global inflation and food prices. Rising global interests rate triggered by the tightening of monetary policy of Central banks across several advanced economies to tame rising inflation and energy crisis with crude oil prices reaching unprecedented heights at one point above $120 a barrel. The strengthening of the United States Dollar against all other currencies, the tightening of global financing conditions especially for emerging markets and developing economies,” President Akufo-Addo said.
“It is these that have brought hardships on our people. The government has deployed a number of fiscal measures to help bring relief to Ghanaians, and I’m confident that sooner rather than later we’ll see significant relief and recovery.”