Ghana’s economy is terrible – BBC’s Peter Okwoche tells Akufo-Addo

President Nana Addo Dankwa Akufo-Addo has said he does not know of any economy around the world that is doing well in the midst of the COVID-19 pandemic and also the geopolitical tension between Russia and Ukraine.

He said economies around the world are all struggling owing to these two main factors.

Speaking in an interview with BBC’s Peter Okwoche on Monday, April 4, he said “we have also the opportunity to have industries set up not just for Ghana [but also] for the ECOWAS market and also for the African market.

“We now have an African Continental Free Trade Area agreement which is up and operating. Ghana is the gateway to its market of 1.2billion people. Imagine the opportunities that we are presenting.”

It was at this point that Mr. Okwoche interjected and told Mr. Akufo-Addo that “Let us just be honest, the Ghanaian economy is doing just terribly. Inflation in your country is 15.1 percent. The Ghanaian cedi has fallen 20 percent on the dollar.”

But President Akufo-Addo replied him saying “I don’t know the economy in the world that is doing well.

“The Cedi has begun to firm up. The world is going through a difficult [moment], Ghana is no exception, and Nigeria is no exception. There is no country in the world that is escaping the ravages of COVID-19 and also the impact of the [Russia-Ukraine conflict].”

He added, “In Ghana, the recovery program that we have is considered very credible and it is what is going to give us the opportunity to come out of this period stronger, it is that future we are looking at.”

'Terribly' or 'not terribly'?

Ghana's President Nana Akufo-Addo and Focus on Africa's Peter @okwoche debate how the nation's economy has been performing. pic.twitter.com/xdZe1Hewjj

— BBC News Africa (@BBCAfrica) April 4, 2022