The president said in a televised address to the nation on Sunday: "We are in crisis. I do not exaggerate when I say so. I cannot find an example in history when so many malevolent forces have come together at the same time."

The Ghana cedi has depreciated by over 50% this year and is listed as the world’s worst-performing currency against the US dollar.

Mr Akufo-Addo blamed speculation and illegal forex traders for the depreciation, adding that the central bank would clamp down on perpetrators.

Fuel prices have been rising in the country and inflation has risen to a record 37.2%.

Announcing a raft of measures to address the crisis, the president said the government would maintain a 30% cut in the salaries of the president, vice-president, ministers, and other government appointees.

Ghana is also negotiating a $3 billion IMF bailout programme.