President Nana Addo Dankwa Akufo-Addo has stated that Ghana’s economy is in crisis. According to him, “so many malevolent forces” such as the COVID-19 pandemic and the aggravation caused by the Russian invasion of Ukraine have contributed to the downturn in the country’s economic fortunes.

President Akufo-Addo made this known on Sunday during his address to the nation on the country’s economic challenges which have forced the government to seek a bailout from the International Monetary Fund (IMF).

“We are in a crisis, I do not exaggerate when I say so,” President Akufo-Addo said.

“I cannot find an example in history when so many malevolent forces have come together at the same time”.

He was hopeful that the country would seize the opportunity presented by the crisis to revive the economy.

“But, as we have shown in other circumstances, we shall turn this crisis into an opportunity to resolve not just the short-term, urgent problems, but the long-term structural problems that have bedevilled our economy,” he said.