Some industry players are urging President Nana Addo Dankwa Akufo-Addo to use his address on the ailing economy to send a positive message to Ghanaians and the international market.
President Akufo-Addo will tonight, Sunday, October 30, 2022, speak to the nation on measures taken by government to revive the Ghanaian economy.
Pressure has been mounting on the President to speak on the difficulties Ghanaians are going through.
The president’s address is expected to focus on the soaring cost of living and the needed fundamental change and reforms to revive economic growth.
In an interview with Citi News, Director of Research at the Institute of Economic Affairs (IEA), Dr. John Kwakye said President Akufo-Addo’s address must be one that offers hope to the citizenry.
“People are agitated, so, my expectation is that, the speech by the President will include some form of building measures for Ghanaians and the international market. When the confidence of the market is restored, it will help stabilize the system. When that happens, we will feel the positive effect on the economy and people will benefit from it. These measures should include some form of austerity action. Cutting down spending, especially the huge public sector compensation that is consuming our budget.”
President of the Ghana Union of Traders Association, Dr. Joseph Obeng also outlined some expectations on measures to improve the business climate in the country.
“I am expecting the President to articulate his policy direction to solve exchange rate and enforcing the investment laws on the influx of foreigners in the trading sector and other aspects of the economy and the activities of the black market operations in the country.”
On his part, the Executive Director of the Peasant Farmers Association of Ghana, Dr. Charles Nyaaba called on President Akufo-Addo to allocate more funds to the agriculture sector in his address tonight.
He mentioned that, the lack of investments in the sector has contributed to the high inflation in food prices.
Dr. Charles Nyaaba says adequate resources must be injected into the sector.
“Our activities this year didn’t go well, simply because the cost of all factors of production has gone up. One of the major decisions I expect from the President is that, whatever bailout support we are seeking, some of the funds must go in to support agricultural activities, especially in the construction of irrigation facilities and supporting farmers with mechanization. We also expect policy decisions that will ensure that the cedi depreciation is stabilized,” he told Citi News.
The President’s address is expected to focus on the spiralling cost of living and the immediate reforms needed to restore economic growth.
The country has witnessed high food prices, steep depreciation of the cedi and the rising cost of fuel, sparking public outcry for an improved economy.
President Akufo-Addo is scheduled to speak at 8:00 pm.
Already, he has, in the past few days, met cabinet and other interest groups on how best to strengthen the fiscals.
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