President Akufo-Addo is confident that the Ghanaian economy will bounce back from its current challenges.

He said the current woes of the economy are a global phenomenon but the government is working hard to tackle them.

Speaking at the 92nd Speech and Prize Giving Day of St. Augustine’s College in Cape Coast, Nana Akufo-Addo said, among other things, the government’s GHS 100 billion Obatanpa CARES programme is one of the many interventions being rolled out to strengthen the economy.

“Ghana is not the only country faced with extraordinary increases in global freight rates, strong inflationary pressures, dramatically rising fuel prices and unprecedented volatility of stock markets, and tighter global financing conditions. These are a global phenomenon, nonetheless, government continues to work hard to address these issues, and I am certain that sooner, rather than later, our economy through the implementation of government’s GHS100 billion  Ghana CARES Obatanpa programme will rebound from the gravities of the pandemic, bring in its wake stability, development, progress and prosperity for all Ghanaians.”

The President has for the past three days been chairing a Cabinet retreat at Peduase with the objective of mitigating the plight of Ghanaians in the face of economic challenges and putting in place measures that will reinvigorate the economy.

Ghana’s economy is going through turbulent times as it is plagued with a number of challenges, including rising inflation and the rising cost of fuel.

The country’s currency is also suffering depreciation, especially against the US dollar, while the public debt level has attained an unsustainable level.

Various suggestions are being made on how to salvage the situation including calls for the government to cut down on its expenditure.

The government is yet to make public the resolutions from its retreat on steps taken in relation to the current challenges.