President Nana Akufo-Addo and his cabinet will begin a three-day conference on the economy today, Thursday, October 27, 2022, as the government’s discussions with the International Monetary Fund (IMF) reach conclusion.
President Akufo-Addo expressed confidence about the conference at a meeting with the leadership of the Trade Union Congress (TUC).
“The government is going on a three-day retreat to deal with the problem of discussing with the IMF and developing economic strategies for the country for 2023 in order to deliver the nation’s budget to Parliament.”
The free fall of the cedi, high inflation, huge debt stock, unbearable cost of living, fuel price hikes among others have come to the fore with many calling on the President to act to salvage the situation.
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“The Economic Management Team is also meeting to appraise itself on some of the recommendations as we get closer to the end of the year. On Thursday, Cabinet itself will be meeting to receive what has gone through the EMT and updates from the IMF negotiation so that some decisions will be made and then update the country on the next step forward”, Information Minister, Kojo Oppong Nkrumah had said.
Already, the Association of Ghana Industries (AGI) has pledged its resolve to help the government find solutions to the current economic challenges.
At a meeting at the Jubilee House, the President of the Association, Dr. Humphrey Kwesi Ayim-Darke, said “we pledge our support that together we shall resolve the intended difficulties as we so find them.”
In response to the association, President Akufo-Addo expressed optimism that the government’s quest of IMF assistance will bear fruit.
“We are discussing and, hopefully, will conclude these critical discussions soon, which will have a significant influence on the path forward for the Ghanaian economy in the months and years ahead.”
As part of stakeholder engagements, the President has met with the Ghana Private Road Transport Union (GPRTU) and transport operators to discuss fare rises.
Dr. Ernest Addison, Governor of the Central Bank, met with the CEOs of commercial banks and currency bureaus earlier on Tuesday to discuss the continued depreciation of the Ghana cedi.
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