Akufo-Addo has track record of reviving the economy - Oppong Nkrumah

Information Minister, Hon Kojo Oppong Nkrumah has warned that Ghana's Economy may worsen in the last quarter of 2022 due to some external shocks but says government has a track record of reviving the economy. He is confident the current economic challenge will be no different. “We are not wavering at all in our resolve to turn this country around. Ours is a history of turning things around when the country is in crisis. When the NPP government took over the reins of government in 2017, we inherited a challenged economy under an IMF programme, which we successfully turned around and exited the programme in 27 months.” According to him, the major external factors pushing inflation in the country continue to soar despite efforts by government to reverse the current downturn of the economy. Hon Oppong Nkrumah was speaking on the Kumasi-based OTEC 102.9 FM's breakfast show "Nyansapo" on Thursday, October 27, 2022. He disclosed that Ghanaians may be forced to pay more for fuel following a decision by the Organization of the Petroleum Exporting Countries OPEC and their allies to slash output by two million barrels per day. "The prices of crude will upsurge if nothing changes and once crude prices soar, Ghana as a net importer of crude oil will bear the brunt" "As a government, we are anticipating possible hikes in fuel prices in the next few days due to OPEC's decision, that is why government is working around the clock to ensure the economy will not be hit hard should there be any surprises ". He told the host, Captain Koda. “Following OPEC's announcement, the price of Brent crude, the international benchmark, rose 1.7 percent, reaching $93.29 a barrel. At the start of the year, Brent prices were close to $79 a barrel. It soared above $127 in March, two weeks after the Russian invasion of Ukraine – the highest in 14 years, that’s why we keep saying that war has impacted negatively on our economy but some people do not want to listen," he said. Commenting on the President’s commitment to fixing the economy, the Ofoase Ayirebi MP, said it is highly achievable as has been seen in President Akufo Addo's first term. He called on the public to remain calm and support the government in the implementation of policies that aims at fixing the ailing economy.