Despite the difficulties the country faced, President Nana Addo-Dankwa Akufo-administration Addo’s has revived Ghana’s faltering economy, according to Justin Frimpong Kodua, the general secretary of the New Patriotic Party (NPP).
Speaking to the media on December 21, 2022, he promised that the government’s initiatives will continue to have a good impact on the burden placed on Ghanaians. Ghana is going through a severe economic crisis, with 40% inflation on the rise and a nearly 50% decline in the value of the local currency relative to the US dollar.
As the nation struggles to close its enormous balance of payments imbalance, the government has frozen payments on the majority of its external debt, effectively defaulting. While several bondholders protested the lack of clarity in the decision, the Ministry of Finance, led by sector Minister Ken Ofori-Atta, announced it will not service debts, including its Eurobonds, commercial loans, and most bilateral loans.
Speaking about the economic crisis, Justin Frimpong Kodua urged Ghanaians to applaud the government for acting to address the issues.
He said “So we ask if the government can be blamed for the cedi depreciation, why can’t this same government be credited for the appreciation of the cedi? We also find it gratifying that owing to the massive appreciation of the cedi, prices of petroleum products at the pump have reduced resulting in a 15.3 reduction in transport fares.”
“I must admit that these developments may not entirely address the prevailing socio-economic conditions in the country, but we do believe strongly that they may offer a sigh of relief for Ghanaians as we approach the festive season, and we must praise this government,” he added.
