President John Mahama has declared 2014 a turnaround year for an economy that is hugely challenged.

Speaking with Muslim chiefs at the Flagstaff House in Accra, Monday, the president  once again acknowledged the teething challenges facing the country.

"It is not Ghana alone. Those challenges affect almost all countries in the world. Even the developed countries are facing those challenges.

"...All of them are going through austerity and are having to take measures to protect their economies. In Ghana we are doing the same thing."

The cause of Ghana's economic woes has been conflicting. Some critics blame corruption for the crisis but the president thinks otherwise.

Outlining some of the causes of the difficulties the economy is going through, the president said the fall in prices of major primary export commodities is to blame.

"Gold and cocoa are our major exports. Between 2012 and 2013, as a result of the drop in gold and cocoa prices on the international markets Ghana lost export revenues to the tune of 1.3 billion dollars. And that is what accounts for some of the difficulties we are going through.

The president said his government is taking adequate steps to remedy the challenges the economy is facing.

"We are doing everything possible to ensure that [the problems are solved]. As I said this year is a turnaround year and that the economy will come out of the recession the country is facing," he promised.