Ghana, according to President Nana Akufo-Addo, is undergoing its greatest economic crisis. In a televised speech to the nation on Sunday, the president stated: “We are in crisis. I do not exaggerate when I say so. I cannot find an example in history when so many malevolent forces have come together at the same time.”
The Ghana cedi has dropped by more than 50% this year, making it the world’s worst-performing currency against the US dollar.
Mr Akufo-Addo blamed the decline on speculators and illegal currency trading, saying that the central bank would crack down on culprits.
Fuel prices in the country have been growing, and inflation has reached a record 37.2%.
The president announced a number of steps to address the issue, including a 30% decrease in the salary of the president, vice president, ministries, and other government personnel.
Ghana is also in talks with the IMF about a $3 billion bailout package. The president promised investors in government treasury bills and other financial instruments that they would not lose money as a result of the deal, despite investor concerns that a prospective debt-restructuring pact might harm them.