Ghana’s recent economic challenges were not self inflicted – Akufo-Addo

President Nana Addo Dankwa Akufo-Addo has stated that the recent economic challenges that Ghana faced were not due to mismanagement on the part of the government.

The problems were the results of factors beyond the control of the government including the Covid-19 pandemic, he said.

Prior to this pandemic, Mr Akufo-Addo recounted that Ghana’s economy was one of the fastest growing economies in the world owing to the measures that his administration introduced in his first term in office.

Addressing the Workers’ Day gathering in Accra on Wednesday, he said “Ghana’s recent economic challenges were not self-inflicted. Until the pandemic, we were, year-on-year during my first term, one of the fastest-growing economies in the entire world. The global landscape was subsequently severely impacted by external factors beyond our control, foremost amongst them being the COVID-19 pandemic.

“Moreover, the escalation of tensions following the Russian invasion of Ukraine further exacerbated these difficulties leading to increased volatility in global markets and heightened uncertainties.”

President Akufo-Addo used the May Day occasion to also assure that the government will work to address the concerns of the labour front to bolster a conducive environment.

The President commended workers for their input in the growth and success of the country. He maintained that workers play a significant role in the affairs of the country.

He also underscored his administration’s commitment to safeguarding the country’s peace and security.

“Securing peace is not only necessary for the electioneering campaign but also vital for the stability of the labour front. The peaceful and stable labour front will create a conducive environment for government to implement its policies and programmes and for the economy to grow.”

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“Government hereby reiterates its resolve to address the concerns of labour in the interest of national development,” said President Akufo-Addo, adding that “the upward adjustment of the base pay by 23 percent in the first half of the year and by 25 percent in the second half of the year is a demonstration of the government’s commitment to improving and protecting public sector incomes.”

Furthermore, the Secretary General of the Trades Union Congress (TUC), Dr. Yaw-Baah, in his address, urged the Electoral Commission to deliver free, fair, and transparent elections.

He also called on the Police and the Judiciary to play their roles effectively to ensure credible polls.

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Regarding the economic hardships, he said the programme with the International Monetary Fund (IMF) is not yielding the expected results for workers.

In his view, it appears there is no light at the end of the tunnel for the economic hardships.

“It appears there is no end in sight for the challenges, we were told that an IMF bailout will help but we know that an IMF bailout can’t be the solution to the economic hardship…We have a lot to do to protect the workers of Ghana,” he said.

As regards the depreciation of the Cedi, Dr. Yaw Baah said that to deal with the woes, there’s a need to reduce importation.

The International Workers’ Day, also known as Labour Day in some countries and often referred to as May Day, is a celebration of labourers and the working classes that is promoted by the international labour movement. It occurs every year on May 1st.

In Ghana, this year’s May Day was themed “Elections 2024: The Role of Workers and Social Partners in Securing Peaceful Elections for National Development.”