President Akufo-Addo has admitted that Ghana is in economic crisis.
The president addressing the nation highlighted some measures his government has intended to implement to tackle the situation.
During his address to the nation on the economy Sunday, October 30, 2022, the President listed five key approaches his government is putting in place to avert the economic challenges Ghanaians are facing.
“Indeed, some steps have been taken to restore order in the forex markets and we are already beginning to see some calm returning. We will not relent until order is completely restored. The following actions have been taken thus far:
1) Enhanced supervisory action by the Bank of Ghana in the forex bureau markets and the black market to flush out illegal operators, as well as ensuring that those permitted to operate legally abide by the market rules. Already some forex bureaus have had their licenses revoked, and this exercise will continue until complete order is restored in the sector;
2) Fresh inflows of dollars are providing liquidity to the foreign exchange market, and addressing the pipeline demand;
3) The Bank of Ghana has given its full commitment to the commercial banks to provide liquidity to ensure the wheels of the economy continue to run in a stabilized manner, till the IMF Programme kicks in and the financing assurances expected from other partners also come in;
4) Government is working with the Bank of Ghana and the oil producing and mining companies to introduce a new legal and regulatory framework to ensure that all foreign exchange earned from operations in Ghana are, initially, paid to banks domiciled in Ghana to help boost the domestic foreign exchange market; and
5) the Bank of Ghana will enhance its gold purchase programme.
President Akufo-Addo expressed optimism over the measures he enlisted to bring back the economy on track.