President Akufo-Addo and his cabinet will today [Thursday, October 27] begin a three-day retreat to discuss measures to revive the country’s ailing economy. 

The engagement will also focus on the government’s negotiation with the International Monetary Fund (IMF). 

President Akufo-Addo at a meeting with the leadership of the Trades Union Congress (TUC), on Tuesday was hopeful the retreat will yield positive outcomes.

According to him, his government is concerned about the turn of events. 

“Government is going on a three-day retreat to tackle this problem of the negotiation with the IMF and the making of the economic policies for the country for 2023 to present the budget for the nation to Parliament.”

The free fall of the cedi, high inflation, huge debt stock, unbearable cost of living, fuel price hikes among others have come to the fore with many calling on the President to act to salvage the situation.

Meanwhile, the cedi strengthened for the second day running to ¢14.00 to one US dollar on Wednesday in the retail or forex market as it continued its recent gain against the American ‘greenback’.

This is against ¢14.50 it sold to a dollar on Tuesday, October 25. Earlier it sold at ¢14.75 to the dollar.

Joy Business understands that the cedi is strengthening against the American currency because of the anticipated dollar liquidity as a result of inflows (first tranche) of the cocoa syndicated loan and the expected staff-level agreement between the government and the International Monetary Fund by December 2022.