President Akufo-Addo meets Council of State, others over state of economy

President Akufo-Addo has met members of the Council of State, the Ghana National Chamber of Commerce and Industry (GNCCI) and major stakeholders to discuss ways to resuscitate the distressed economy. The meeting afforded the President the platform to discuss with stakeholders of the economy on how best to scale down the bottlenecks affecting businesses and the plight of ordinary Ghanaians. The GNCCI’s concerns on the state of the economy currently. The cost of doing business in the country is rising due to the rapid depreciation of the cedi against major foreign currencies, interest rates, high fuel prices, and high inflation policy rates. More specifically, the outlook for the country's economy is getting worse due to rising public debt, weak domestic revenue performance, the balance of payments issues and a lack of fiscal restraint, which led to a credit rating downgrade and the loss of external financing. According to the Chamber, this situation is causing low confidence and speculative activity which are harmful to the resilience and growth of businesses.