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Times are hard – Akufo-Addo admits

President Nana Addo Dankwa Akufo-Addo has admitted the economy of Ghana is going through some trying times.

He has, however, dismissed concerns that these difficulties amount to a crisis; assuring his audience that the government is on top of the situation.

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.

President Akufo-Addo admits that 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.

He added that his government will work to find a cure to the situation and future ones.

“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.

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