Today, October 27, 2022, marks the start of a three-day retreat for the president and his cabinet to discuss the economy as the government’s negotiations with the International Monetary Fund (IMF) draw to a close.
The President has spent the last two days consulting with the appropriate parties on the best way to boost the economy.
President Akufo-Addo expressed optimism that the retreat will result in fruitful achievements at a meeting with the TUC leadership.
“Government is going on a three-day retreat to tackle this problem of the negotiation with the IMF and the making of the economic policies for the country for 2023 to present the budget for the nation to Parliament.”
Many are urging the President to take action to reverse the situation due to the free fall of the cedi, excessive inflation, massive debt stock, intolerable cost of living, and fuel price increases, among other issues.
“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.
The Association of Ghana Industries (AGI) has already expressed its commitment to working with the government to find answers to the nation’s current economic problems.
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.”
President Akufo-Addo responded to the association by expressing optimism that the government’s efforts to secure assistance from the International Monetary Fund will succeed.
“We are talking and hopefully concluding soon these important negotiations, which are going to have an important impact on the way forward for the Ghanaian economy in the months and immediate years ahead.”
The President has been speaking with the Ghana Private Road Transport Union (GPRTU) and transportation companies over rises in transportation costs as part of the stakeholder engagements.
To discuss the ongoing depreciation of the Ghana cedi, the Governor of the Central Bank, Dr. Ernest Addison, earlier on Tuesday met with the CEOs of commercial banks and currency bureaus.
