The current economic challenges in Ghana have reached unprecedented levels as citizens, businesses, and residents have been grappling to make ends meet in rather turbulent times.
Since the start of this year, the local currency has tumbled by about 50 percent to the US dollar to date, the cost of living on an upsurge, fuel price hikes, job losses, worker agitations, and general frustration among the Ghanaian populace has been brewing for months.
Although President Nana Addo Dankwa Akufo-Addo has formally admitted the country has been plunged into a crisis, hopes of securing an IMF support programme to restore macroeconomic stability have been put into question by economic experts.
Chief Executive Officer of Dalex Finance, Ken Thompson, has made a passionate appeal to President Akufo-Addo to fix the ailing economy which is facing distress on all levels.
The Dalex Finance CEO speaking in an interview with Accra-based Citi TV’s ‘Face to Face’ segment on November 1 knelt, facing the camera, and cautioned the president over what he believes is a dire economic situation that will further hit Ghana.
The 61-year-old finance expert said, “His Excellency President Nana Addo Dankwa Akufo-Addo If you’re watching, what I can see coming is not looking good…I can see poverty, job losses, business closures, prices of utilities going up”
“Growing up, I lived through the crisis in the 1970s as I witnessed my parents come back from England. My mother at the time bought a new brand car which she eventually could not repair after the car was involved in an accident.”
“I can remember how our room carpets became threadbare, our living room chairs and tables broken, and how we started wearing second-hand clothes due to the economic hardship…I have seen it all, but I am 61 years old and I cannot do much about what is currently happening in Ghana but you [President Akufo-Addo] can and I am begging you to please take decisive action to move the country forward. Thank you, sir,” he concluded.