President Akufo-Addo has admitted to the challenges in the country’s economy.

While addressing the nation on the state of the economy on Sunday night, the President said he is aware of the increase in the cost of living in the country and the economic difficulties facing Ghanaians.

According to him, the economic woes have rendered the country’s 2022 budget useless.

“For us, in Ghana, our reality is that our economy is in great difficulty. The budget drawn for the 2022 fiscal year has been thrown out of gear, disrupting our balance of payments and debt sustainability, and further exposing the structural weaknesses of our economy.

“We are in a crisis, I do not exaggerate when I say so. I cannot find an example in history when so many malevolent forces have come together at the same time,” the President said.

In this respect, the President appealed to Ghanaians to support government as it works around the clock to return the economy to a good state.

He said government realizes the need to revive the ailing economy, the reason negotiations with the IMF are currently ongoing.

These negotiations with the IMF, President Akufo-Addo noted are “at advanced stages, and are going well.”

He stressed that government is optimistic about securing an IMF bailout by the end of the year to complement government measures to stabilize the economy.

“We are determined to secure these arrangements quickly to bring back confidence and relief to Ghanaians. We are working towards reaching a deal with the IMF by the end of the year,” he added.

Transport fares have recently been increased by 19 percent accompanied by increasing prices of goods with sachet water set to be increased from Monday, October 31.

Ghanaians for the past few weeks have incessantly lamented about the economic hardships and have called for austerity measures to revive the ailing economy.

President Akufo-Addo in his address assured of economic stability and appealed to Ghanaians to bare with government as measures are put in place to restore the economy.