VAM News Update
Ghanaians have resolved to remain in the streets in protest of economic hardship as the West African country continues to struggle with a high cost of living.
The protest, which began on Thursday — with protesters taking their grievances to Jubilee House, Ghana’s presidential palace in Accra — is expected to continue on Monday.
Although inflation in Ghana has been on a decline, hitting a 10-month low in August at 40.1 percent from 43.1 percent in July; the protesters are still asking the Ghanaian government to “Fixthecountry” as the slowdown in inflation rate is not reflecting in their daily lives.
In July, the World Bank said Ghana’s economy in 2023 would grow by 1.5 percent. The lender also projected that growth would expand by 2.8 percent in 2024.
The projections fall short of the 3.1 percent reported in 2022. The country’s economic downturn has forced the Ghanaian government to seek its 17th financial rescue from the International Monetary Fund (IMF) since 1957.
Last year, Ghana approached the IMF for a bailout loan of $3 billion, after its citizens took to the streets to protest over spiralling inflation, currency depreciation, and other economic woes.
Amid the country’s financial problem, President Nana Akufo-Addo decided to build a new 5,000-capacity national cathedral, which would cost the government more than $400 million.
