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Akufo Addo to address Ghanaians today on the cost of living crisis, ailing economy

This results from increasing pressure on the President to address the recent economic crisis that Ghanaians are currently experiencing.

At 8:00 pm, President Akufo-Addo is set to deliver a speech during a live GTV broadcast.

The rising cost of living and the necessary reforms required to restore economic development are expected to be the main topics of the President’s speech.

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A popular outcry for an improved economy has been caused by the country’s rapidly rising food costs, the abrupt depreciation of the cedi, and the rising cost of fuel.

To discuss the best ways to enhance the fiscals, Nana Addo has already met with the government and other interest groups.

Ghana’s economic indices continue to deteriorate, and the cedi has lost almost to 50% of its value since the year began.

The Cedis has also rated the worst-performing currency worldwide after considering a basket of 148 currencies by Bloomberg Inflation currently stands at 37.2 percent while Producer Price Inflation has risen to 45.5 percent putting the majority of Ghanaians in a tight situation because purchasing power keeps reducing amidst poor salaries.

Food items are expensive, and transportation costs are also rising.

Due to the 19% increase in transportation costs, which was required by the ongoing, skyrocketing prices of petroleum goods at the numerous gasoline pumps, Ghanaians are now paying more for their transportation.

The price of diesel and gasoline at central fuel pumps is currently over GH17 and GH15, respectively; according to transport companies, this is eroding their profit.

Better working conditions are also being demanded by labor unions. In the midst of these economic troubles, manufacturers are implementing strategies to reduce operations.

In order to reverse the economic downturn, the government of Ghana is currently in negotiations with the International Monetary Fund (IMF) for a US$ 3 million bailout.

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