'Things are very bad' - President says about economic crisis, cuts his salary

He made the remarks during a televised address to the the nation yesterday Sunday October 30. The situation, according to Akufo-Addo, leaves him baffled with its severity, calling it a march of various evils crashing the country's economy.

'Devil's work'

"We are in 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," he said.

The country's currency, the Ghana cedi, has lost half of its value within this year. It has also been named as the world's worst performing currency against the United States dollar.

"The cedi has depreciated by over 50% and is the worst-performing currency against the US dollar this year," he added.

'Things are very bad' - President says about economy crisis, cuts his salary Pulse

He has placed the blame on speculation and illegal forex traders for the value depreciation. Ha also promised that the Central Bank would catch perpetrators of these harmful practices.

The situation as it stands in the country is fueled by the record 37.2% inflation and rocketing fuel prices.

Cutting government salaries

Announcing a list of measures to address the crisis, he said that government is going to maintain a 30% cut on salaries of the president, vice-president, ministers, among other government officials.

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The country is in negotiation talks with the International Monetary Fund (IMF) for a $3 billion bailout.

Akufo-Addo assured investors in the country that the debt-restructuring as a result of the IMF deal would not affect their investments in government treasury bills and other financial instruments.