Economic crunch: ‘I’m not looking for excuses’ – Akufo-Addo on COVID, Russia-Ukraine impact



President Nana Addo Dankwa Akufo-Addo has restated the impact of external factors on the current difficult economic conditions in the country.

The COVID-19 pandemic and the Russia-Ukraine war, he explained, had disrupted what was an economy on an upward trajectory.

He is certain, however, that the economy will be reset and put on the path from which it was derailed by the twin factors the government has serially blamed for the ongoing economic crunch.

Forever Product

“I’m not looking for excuses, I never believed in excuses as a way of running a country. You have to deal with the cards with which you are dealt.

“The cards that have been dealt with us in this our second term are these exogenous, external factors, that have had such a big impact on us and we are determined to work our way through it.

“We did it when I first came into office and I have a strong belief that we can do it again because the policies are sound, they are about putting Ghana in the right place,” he added whiles speaking on North Star Radio on August 8, 2022.

He admitted that there were difficulties economically that had made life difficult for the ordinary man but rallied the citizenry to trust his appointees and efforts invested in ensuring the economy bounces back as soon as possible.

President Akufo-Addo ordered Finance Minister, Ken Ofori-Atta via a July 1 statement to present an economic rescue programme to the IMF.

A team from the Fund led by Carlo Sdralevich has since visited Ghana between July 6 – 13, meeting with relevant stakeholders.

Ghana’s economic headaches

In recent months, Ghana has been faced with rather difficult economic challenges which have left almost all economic indicators in distress.

The country, in spite of some gains made during the COVID-19 pandemic, is facing a huge debt burden, revenue generation constraints and other factors which have placed the economy in a dire situation.

Recent developments around the globe, coupled with supply chain disruptions, the fallout from the pandemic and Russia’s invasion of Ukraine have made the situation even direr.

Meanwhile, the government of Ghana is targeting about US$3 billion from the International Monetary Fund under an economic support programme.

This was contained in a document released by the Ministry of Finance spelling out some details of the government’s engagement with officials from the Bretton Woods institution in July.

The ministry explained that it seeks to secure the fund under a recently introduced innovative blended programme from the IMF dubbed; High Combined Credit Exposure (HCCE) policy.

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