Cedi depreciation, rising inflation are ‘unacceptable’ – Akufo-Addo vows to restore economy

“The Akufo-Addo government has not thrown its hands up in despair at this development. We are determined to bring relief to the Ghanaian people, and return the economy back to the high rates of growth that characterised the management of our economy in the three (3) years preceding the COVID outbreak in 2020.”

These were the words of the President of the Republic, Nana Addo Dankwa Akufo-Addo, when he delivered an address at the opening of the 12th Biennial and 50th Golden Conference of the Methodist Church of Ghana.

According to the President, his goal, since coming into office, has been to help improve the living standards of the Ghanaian people.

“Every policy initiative, whether it is the Free Senior High School policy, the programme for Planting for Food and Jobs or the One-District-One-Factory initiative, has been implemented with the well-being of the Ghanaian at heart,” he said.

President Akufo-Addo noted, however, that, before the onset of the COVID-19 pandemic, Ghana had one of the fastest growing economies not just in Africa, but across the world.

“However, the ravages of the pandemic, worsened by the effects of Russia’s invasion of Ukraine, have led to spiraling freight charges, rising fuel costs, high food prices, steep inflationary spikes and widespread business failures.

“I am fully aware that these are very difficult times for us in Ghana, just as they are for most people in the world, cold comfort as that may be,” he said.

One of the ways towards bringing the economy back on track, the President said, is the approach to the International Monetary Fund, which he described as an important step.

“Other steps will be taken, in particular, to deal with the unacceptable depreciation of the cedi. Reining in inflation, by bringing down food prices, is a major preoccupation of the Government, and this season’s emerging, successful harvest will assist us achieve this objective, together with other policies that are being put in place,” he added.

President Akufo-Addo assured that Government will continue with the programmes for the expansion and modernisation of our educational system to create a 21st century workforce; the systematic reform of our healthcare system to ensure a resilient, robust healthcare delivery system; and the realisation of the agenda of industrial transformation that holds the key to our future prosperity.

Additionally, he indicated that the enhancement of agricultural productivity to guarantee the prospects of food security; the execution of the comprehensive infrastructural development plan in roads and railways; the conclusion of the digitilisation process to obtain the full benefits of the 4th industrial revolution; and the protection and greening of our environment to address climate change will be pursued vigorously.

The President reiterated his commitment to the empowerment of the security services to consolidate the peace, security and stability of the state and nation; the establishment of a free and just society, where entrepreneurship and individual initiative are the sources of wealth creation with a strong social safety net for the marginalised and disadvantaged; and the improvement of the governance architecture to deepen accountability and respect for the rule of law in our body politic.

“Above all, I continue to have an abiding faith in God to help turn the fortunes of our nation around, accompanied by appropriate policy, determination and hard work on our part, and I urge all of you gathered here to have that same belief that the fortunes of Ghana under the Presidency of Nana Addo Dankwa Akufo-Addo will be restored. The Battle is the Lord’s!!” he stated

Anniversary of Methodist Church

Applauding the contribution of the Methodist Church to education, healthcare, social welfare and the financial development of Ghana, President Akufo-Addo noted that the collaboration of the State and Church has been an essential feature of Ghanaian governance, which has inured very much to the benefit of the Ghanaian people.

“I would, in this respect, use this important platform to express the gratitude of the nation for the very proactive role the Church, indeed the religious community as a whole, played in assisting our people to cope with the COVID-19 pandemic at its height,” he indicated.

CLICK HERE TO DOWNLOAD PRESS RADIO MOBILE APP

“Since the pioneering days, in 1835, of Rev. Joseph Rhodes Dunwell, the person after whom the Church’s insurance company has been named, the activities of this Church have impacted positively not only on the lives of its congregants, but also on the progress of Mother Ghana. You have been a good example of what it means to love one another, and give cheerfully to those in need, and I have no doubt that this legacy of the Church will long endure. Amen!!”, he added.