– President Admits Worst Economic Crisis

Ghanaian President Nana Akufo-Addo says his country is experiencing its worst economic crisis.

The president said in a televised address to the nation 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.

Mr Akufo-Addo blamed speculation and illegal forex traders for the depreciation, adding that the central bank would clamp down on perpetrators.

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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.