Akufo-Addo bemoans widespread business failures

President Nana Addo Dankwa Akufo-Addo has bemoaned the widespread business failures following the impacts of the Covid 19, which he said have been worsened by the Russia invasion of Ukraine.

He however said a major preoccupation for government at the moment is taking steps, in particular, to deal with what he described as the unacceptable depreciation of the cedi.

Similarly, he said reining in inflation, by bringing down food prices, is a major work that the government is doing.

Delivering an address at the opening of the 12th Biennial and 50th Golden Conference of the Methodist Church of Ghana this week, Mr Akufo-Addo said “the ravages of the pandemic, worsened by the effects of Russia’s invasion of Ukraine, have led to spiraling freight charges, rising fuel costs, high food prices, steep inflationary spikes and widespread business failures.

“I am fully aware that these are very difficult times for us in Ghana, just as they are for most people in the world, cold comfort as that may be.”

“Other steps will be taken, in particular, to deal with the unacceptable depreciation of the cedi. Reining in inflation, by bringing down food prices, is a major preoccupation of the Government, and this season’s emerging, successful harvest will assist us achieve this objective, together with other policies that are being put in place,” he added.

President Akufo-Addo further assured that government will continue with the programmes for the expansion and modernisation of our educational system to create a 21st century workforce; the systematic reform of our healthcare system to ensure a resilient, robust healthcare delivery system; and the realisation of the agenda of industrial transformation that holds the key to our future prosperity.

Additionally, he indicated that the enhancement of agricultural productivity to guarantee the prospects of food security; the execution of the comprehensive infrastructural development plan in roads and railways; the conclusion of the digitilisation process to obtain the full benefits of the 4th industrial revolution; and the protection and greening of our environment to address climate change will be pursued vigorously.