The President, Nana Akufo Addo has admitted that Ghana’s economy is in bad shape.

The President made this known on Sunday during an address to the nation on Ghana’s seek for IMF bailout.

” 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” Akufo Addo explained.

”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 bedeviled our economy.

I urge us all to see the decision to go to the International Monetary Fund in this light. We have gone to the Fund to repair, in the short term, our public finances, and restore our balance of payments, whilst we continue to work on the medium to long-term structural changes that are at the heart of our goal of constructing a resilient, robust Ghanaian economy, and building a Ghana Beyond Aid” He said.

Akufo Addo further revealed that Government is determined to secure these arrangements quickly to bring back confidence and relief to Ghanaians. According to the President, they are working towards reaching a deal with the IMF by the end of the year. This will give further credence to the measures Government is taking to stabilize and grow the economy, as well as shore up our currency.

Within these few weeks Ghana’s ailing economy has seen a surge in inflation, fuel prices, market goods, and transport fares. Ghana’s currency, the cedi has also performed abysmally since the beginning of the year.

Despite all this turbulence the President is hopeful that his Government will ” 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,”.

”I know that the increasing cost of living is the number one concern for all of us. It is driven by fast escalating fuel prices at the pumps, which is caused by high crude oil prices on the world market and our depreciated currency. I know that this is putting intolerable pressure on families and businesses” Akufo Addo assures.

”I know that people are being driven to make choices they should not have to make, and I know that it has led to the devaluation of capital of traders and painfully accumulated savings. Furthermore, Government is working to secure reliable and regular sources of affordable petroleum products for the Ghanaian market. It is expected that this arrangement, when successful, coupled with a stable currency will halt the escalation of fuel prices and bring relief to us all” He added.