The ruling New Patriotic Party (NPP) has asked Ghanaians to thank President Nana Akufo-Addo and his cabinet for taking steps to address the country’s economic issues.
For the previous six months, the country’s economy has been struggling under the Akufo-Addo regime, with inflation reaching a high of 50.3% and the cedi devaluing, making life tough for many Ghanaians.
The cedi, which was suffering against the other currencies, particularly the dollar (about GH15 to $1) roughly a month ago, is suddenly strengthening, approaching GH10 to $1.
In a news conference on Wednesday, December 21, 2022, NPP General Secretary Justin Frimpong Kodua expressed optimism that the government’s policies will continue to be effective and offer relief to Ghanaians.
“So we ask, if the government can be blamed for the cedi depreciation, why can’t this same government be credited for the appreciation of the cedi? We leave that to the judgment of discerning Ghanaians. We also find it gratifying that owing to the massive appreciation of the cedi, prices of petroleum products at the pump have reduced resulting in a 15.3 reduction in transport fares as announced by transport unions.
“Although these developments may not entirely address the prevailing socio-economic conditions in the country, we do believe strongly that they may offer a sigh of relief for Ghanaians as we approach the festive season.”
On behalf of the NPP, he also urged traders and others in the industrial sector to lower their prices in order to ease residents’ suffering.
“We appeal to all manufacturers and traders to also reduce prices of commodities to conform to this reality.”
The government stated last week that it had achieved a staff-level agreement with the International Monetary Fund on economic policies and reforms that would be supported by a new three-year arrangement under the Extended Credit Facility (ECF) worth around US$3 billion.
The government’s aggressive reform agenda seeks to restore macroeconomic stability and debt sustainability while also safeguarding the weak, preserving financial stability, and building the groundwork for a strong and inclusive recovery.
The authorities have undertaken a comprehensive debt operation to assist the goal of restoring public debt sustainability.
“In addition to a frontloaded fiscal consolidation and measures to reduce inflation and rebuild external buffers, the program envisages wide-ranging reforms to address structural weaknesses and enhance resilience to shocks,” the IMF said in a post on its website.