Hundreds of Ghanaian protesters marched through capital Accra on Saturday, demanding the resignation of President Nana Akufo-Addo over his government’s failure to handle the economic crisis and record inflation, reported The Reuters.
The protest follows President Akufo-Addo’s announcement made last week about the government’s talks with the International Monetary Fund (IMF) for billions of dollars. Ghana is seeking a $3 billion loan from the IMF to cope with record inflation and the collapse of its currency, the cedi.
The Ghanaian premier reassured the people of the country that the authorities would get the country’s finances back on track after consumer inflation topped 37% in September, a 21-year peak despite aggressive policy tightening. He urged the country’s people to support his decision to seek an IMF loan.
Akufo-Addo said once the IMF deal goes through, the government won’t need to undertake any so-called “hair-cuts” to trim the value of the country’s debt, which would lead to a reduction in the face value of government bonds. He said they expected to reach an agreement before the end of the year
“He has failed and we are asking him to resign,” one of the protesters said. “High fuel price increments are killing the people of Ghana.”
The people of Ghana are disappointed over the soaring cost of living that has made it even harder for them to live in a country where about one of the population lives on less than $2.15 per day, according to the World Bank.
The value of Ghana’s cedi currency fell by more than 40 percent against the dollar this year, becoming one of the worst-performing currencies in a region suffering adversely from the fallout of a global economic slowdown.
The president’s move to seek IMF help has raised fears that the Ghanaian government will impose drastic measures which will further burden a population already struggling with soaring prices.
