President Akufo-Addo says his government is working to address the many economic challenges facing Ghanaians.

Delivering the 2022 State of the Nation Address in Parliament on Wednesday, he noted that while the government is aware of the current economic crisis, it had already introduced some measures to cushion the citizenry.

“I know that there is a general sense of anxiety in our nation at the moment. The Ghanaian people are anxious about the economy, cost of living, income levels, jobs for young people and issues that we all thought that we had achieved national consensus on.

“The measures that have been announced by the Minister for Finance are meant to demonstrate that we are aware that we are in difficult times, and we are addressing the situation. The belt-tightening measures being set for members of the Executive have been elaborated within this context,” he said.

The President attributed most of the current economic crisis being experienced to the COVID-19 pandemic and the Russia-Ukraine crisis which have significantly disrupted the economy.

He said prior to these events, the government was on track to improve and develop the economy.

President Akufo-Addo explained that the many actions the government took since it assumed office in 2017 yielded results and placed Ghana on the path of prosperity between 2017 and 2020.

“Then COVID rose. This is not something that anyone could have planned for and the consequences are there for us all to see around the world.

"The economic devastation of COVID has since the beginning of the year being further aggravated by the Russian invasion of Ukraine which has worsened the economic outlook of the entire world and we in Ghana have not escaped this development,” he noted.

The President is however optimistic that government will continue in its efforts to revive the economy and relieve Ghanaians from the hardships.

“The road to recovery will be hard and long, Mr. Speaker, but we have started on a good footing by accepting that we are in a difficult place, and are taking the difficult decisions that will get us out,” he said.