Speaking to the media on December 21, 2022, he promised that the government’s initiatives will continue to have a good impact on the burden placed on Ghanaians.
Ghana is going through a severe economic crisis, with 40% inflation on the rise and a nearly 50% decline in the value of the local currency relative to the US dollar.
As the nation struggles to close its enormous balance of payments imbalance, the government has frozen payments on the majority of its external debt, effectively defaulting.
While several bondholders protested the lack of clarity in the decision, the Ministry of Finance, led by sector Minister Ken Ofori-Atta, announced it will not service debts, including its Eurobonds, commercial loans, and most bilateral loans.
Speaking about the economic crisis, Justin Frimpong Kodua urged Ghanaians to applaud the government for acting to address the issues.
He spoke “So, if the government can be held accountable for the cedi’s depreciation, why can’t it also be held accountable for the cedi’s appreciation? We also appreciate the fact that, as a result of the cedi’s significant gain, gas prices have decreased, resulting in a 15.3 reduction in transportation costs.”
We believe that these changes may provide a sigh of relief for Ghanaians as we approach the festive season, and we must thank this government. However, I must agree that they may not address the country’s current socioeconomic conditions. he added.