President Akufo-Addo has admitted to Ghana's economic crisis, describing it as a 'historic' development.

Addressing the nation on Sunday evening, the President conceded to the country's ballooning debt stock, rising inflation, free fall of the local currency, and the depletion of macroeconomic variables.

According to him, the situation is due to many 'malevolent forces' which are currently working together.

In his speech, he however reiterated the commitment of government to dealing with the present economic decline.

"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. But, as we have shown in other circumstances, we shall turn this crisis into an opportunity to resolve not just the short-term, urgent problems, but the long-term structural problems that have bedevilled our economy", the President said.

The President added, "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".

Touching on the measures to salvage the ailing economy, President Akufo-Addo disclosed that all government officials will take a pay cut of 30%; including the President and the Vice President.

He also added that the Bank of Ghana is working assiduously with other relevant state agencies to keep the local currency from depleting further against other major trading currencies across the globe.

Regarding the local currency, he also stressed that persons who falsely speculate about the fall of the Cedi will be dealt with.

In conclusion, the President said he will consistently update Ghanaians regularly on measures by his government to put the economy on a good footing.

Meanwhile, some Ghanaians have taken to social media to berate the President's address; describing it as 'empty'.

Others have however lauded his address and praised the measures taken to revive the economy.