Ghanaians expect socio-economic conditions to improve in 2023

ACCRA, Dec. 30 (Xinhua) — As 2023 draws near, Ghanaians are hoping for an improved socio-economic situation in the new year, given the multiple economic hardships the country will face in 2022. said there is.

Henry Jungmar, a 44-year-old businessman living in Tema city, Ghana, said in a recent interview, “This year has been a very difficult year for our country and the people in terms of the falling Cedi and rising inflation.

His comments come on the heels of Ghana’s annual inflation rate jumping to 50.3% in November for the 18th straight month and the local currency Cedi depreciating sharply throughout the year. As of Nov. 23, Ghana’s Cedi fell 54.2% cumulatively against the US dollar, according to the Treasury Department.

Since July, deteriorating economic conditions have prompted the government of Ghana to begin negotiations with the International Monetary Fund (IMF) to seek a remedy. That effort paid off in December when we reached an interim agreement with the IMF.

Cedi has seen cumulative gains against the US dollar in recent days due to a series of government actions.

Many Ghanaians said recent developments and interventions by the government, along with the recovery of economic activity and the gradual recovery of global supply chains, have revived hopes of improving their financial situation in the coming year. rice field.

“The recent rally in local currencies against major trading currencies is good for us as businessmen and we are very optimistic that it will continue through 2023,” Djangmah said.

Government official Kwesi Binney said the recent reduction in transport fares, which is a rarity in Ghana, has given consumers some peace of mind, adding that the economic downturn for those who have had to live under soaring prices. He expressed hope that the situation would improve. 10+ months of service.

“What gives us hope that the situation will improve next year is the reduction in fuel prices, freight rates, vehicle spare parts and other products. If strengthened against the currency, Ghanaians will enjoy improved conditions in 2023,” Biney said.

In his Christmas Eve speech, President Nana Ad Dankwa Akufo Addo said Ghana was beginning to witness some positive achievements. He said he is confident the economy will fully recover after the recent setback.