Ghanaian president, Akufo-Addo, has admitted to Ghana’s economic crisis, describing it as a ‘historic’ development.
Addressing the nation on Sunday evening, the President conceded to the country’s ballooning debt stock, rising inflation, free fall of the local currency, and the depletion of macroeconomic variables.
According to him, the situation is due to many ‘malevolent forces’ which are currently working together.
In his speech, he however reiterated the commitment of government to dealing with the present economic decline.
“We are in a 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. But, as we have shown in other circumstances, we shall turn this crisis into an opportunity to resolve not just the short-term, urgent problems, but the long-term structural problems that have bedevilled our economy”, the President said.