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President Akufo Addo urges traders to be measured in the profit margins they seek on their goods

Accra, Oct. 30, GNA – President Akuffo Addo has asked traders not to try to make utmost profits out of the Ghana’s economic challenges.

He said: “We must all keep an eye out for the greater good, and not try to make the utmost profits out of the current difficulties.”

“We are aiming to restore and sustain macroeconomic stability within the next three (3) to six (6) years, with a focus on ensuring debt sustainability to promote durable and inclusive growth while protecting the poor. “

President Akufo-Addo made the statement when he addressed Ghanaians on the current economic crisis, admitting that the economy was in great difficulty.

” In Ghana, our reality is that our economy is in great difficulty. The budget drawn for the 2022 fiscal year has been thrown out of gear, disrupting our balance of payments and debt sustainability, and further exposing the structural weaknesses of our economy.”

President Akufo-Addo said Government was working to secure reliable and regular sources of affordable petroleum products for the Ghanaian market. It is expected that this arrangement, when successful, coupled with a stable currency will halt the escalation of fuel prices and bring relief to us all.

“The success of our efforts at diversifying the structure of the Ghanaian economy from an import-based one to a value-added exporting one is what will, in the long term, help strengthen our economy,” he said

We must, as a matter of urgent national security, reduce our dependence on imported goods, and enhance our self-reliance, President Akufo-Addo said

President Akufo-Addo urged Ghanaians to desist from talking down our currency, saying, “If you talk down your money, it will go down. If you allow some unidentifiable person to talk down your money, it will go down. (Sika Mp3 dede)

“All of us can play a part in helping to strengthen the cedi by having confidence in the currency and avoiding speculation. Let us keep our cedi as the good store of value it is.”

The President said government was determined to restore stability to the economy, and provide relief

“We are not afraid of hard work.  We will triumph, as we have triumphed many times before. Let us unite, and rally around our Republic, its institutions and its democratic values, and insist that, under God, we will emerge victorious from our current difficulties,” the President has said.

President Akufo-Addo assured Ghanaians that no individual or institutional investor including pension funds in Government treasury bills or instruments will lose their money as a result of the ongoing IMF negotiations. There will be no “haircut”, so I urge all of you to ignore the false rumours

He said government will review the economic situation in May 2023, “I will be coming regularly to keep you updated about the measures your government is making to move our country forward and tackle our economic challenges.

“It is obvious, fellow Ghanaians, that you have a government that cares” – President Akufo-Addo said

 

Source: Ghana News Agency

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