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Ghana’s deteriorating economy has spurred another civil protest demanding the immediate removal of the President

The protest was in response to the skyrocketing cost of life for Ghanaian citizens caused by the inflation rate. Yesterday, demonstrators called for President Nana Akufo-Addo to resign.

Thousands of worried Ghanaians demonstrated peacefully around Accra on Saturday while screaming “Akufo-Addo must go” and “IMF no.” They were armed with placards and their voices.

 

The International Monetary Fund (IMF) and the government of Ghana have been negotiating about a $3 billion loan rescue. The demonstrators, however, relayed their opinions on the subject yesterday and rejected the notion.

This year in Ghana, this is far from the first demonstration against the ruling party. Back in June, tens of thousands of demonstrators took to the streets to call for the government’s inflation-causing policies to be reversed.

Ghana since the beginning of the year has been struggling to keep its economy afloat. Between March and May alone, the government raised the policy interest rate twice, by at least 200 points each time. The government did this in an attempt to counterbalance the country’s inflation rate which had risen to 27%. Looking at Ghana’s current inflation rate which is at 37% one of the highest in the globe, it goes without saying that the aforementioned directive was a huge disaster.

According to a survey from September, Ghana has the world’s weakest currency. The tale can be read here. Parliamentarians urged the incumbent finance minister’s immediate resignation last week, but the president overruled their request.

Last Monday, the president addressed the nation and formally proclaimed the country’s economy to be in a state of emergency. The tale can be read here.

Despite having one of Africa’s most robust economies in the past and being a significant player on the global economic stage, Ghana, a country that produces oil, gold, and cocoa, appears to be currently feeling the effects of a global economic slowdown.

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