'Economic challenge not from Ghana, it will take time to resolve it' - Osafo-Maafo

Senior Presidential Advisor, Yaw Osafo-Maafo, has attributed the current economic woes to external factors. According to him, inasmuch as the economy is in shambles, government has put in strategies to prevent the economy from plunging further. Addressing a durbar at Ofoase in the Eastern Region, Yaw Osafo-Maafo said, "We all know the economy is not in good shape...The economic challenge is not from Ghana. If something is not from you, you have to take your time to strategically resolve it. It won’t keep long and we will work on the economic challenge." Government is seeking a $3 billion financial bailout from the International Monetary Fund (IMF). The IMF programme, when successful, will help the country restore its macroeconomic stability, as well as, safeguard debt sustainability. Meanwhile, in October this year, a committee was formed to hold talks with domestic bond investors on debt management strategy. The cedi has in recent times depreciated in value by 9.6%. According to Bloomberg, the total loss of the cedi in 2022 almost hit 52%, the highest recorded in 22 years. The free fall of the cedi now places the currency at the 148th position of worst-performing currencies in the world. ESA/WA