Ghanaian President Nana Akufo-Addo says his country is experiencing its worst economic crisis.
President Akufo-Addo said in a televised address to Ghanaians on Sunday: “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 depreciated by over 50% this year and is listed as the world’s worst-performing currency against the US dollar.
He blamed speculation and illegal forex traders for the depreciation, adding that the central bank would clamp down on perpetrators.
Fuel prices have been rising in the country and inflation has risen to a record 37.2%.
Announcing a raft of measures to address the crisis, the president said the government would maintain a 30% cut in the salaries of the president, vice-president, ministers, and other government appointees.
Ghana is also negotiating a $3 billion IMF bailout programme.
The president assured investors in government treasury bills and other financial instruments that they would not lose their money because of the deal – amid concerns that a possible debt-restructuring agreement could affect the investors.