He made the comments at the 66th Independence Day celebrations in Adaklu in the Volta Region.
“We all see the picture around the world, here in Ghana, we don’t have fuel queues, we don’t have shortages of food and essentials, or dumsor disasters. Of course, major global developments undermine the performance of our domestic economy.”
“We have witnessed historic highs in global inflation and food prices. Global interest rates are rising triggered by the tightening of monetary policy by Central banks in several advanced economies to deal with inflation and the rising energy crisis with crude oil prices reaching unprecedented highs in above $120 per barrel.
Ghana is now seeking a bailout from the International Monetary Fund (IMF) for economic recovery amid growing poverty, rising costs of living, and depreciation of the cedi.
President Akufo Addo has assured Ghanaians of his administration’s determination to find a solution to the challenge.
Ghana gained independence on March 6, 1957, after 83 years of British colonial rule making it the first sub-Saharan African country to gain independence from Britain.