Ghana’s President Nana Akufo-Addo will deliver the State of the Nation Address to Parliament today. Today’s address will outline
Ghana’s President Nana Akufo-Addo will deliver the State of the Nation Address to Parliament today.
Today’s address will outline plans for dealing with the devaluation of the Ghana cedi. The local currency saw a depreciation rate of 14.2% in the first week of March, an indirect effect of Parliamentary deadlock over the controversial E-Levy bill, intended to widen the tax base to include the informal sector. Many have argued that it will increase economic hardship for impoverished populations.
Akufo-Addo’s address was supposed to be held on March 3 but was postponed over concerns of its proximity to the President’s March 6 Independence Day message. The delay led to criticisms of the Akufo-Addo Administration by the Minority caucus who have argued that the postponement was unconstitutional.
In the short-term President Akufo-Addo will likely call for increased cooperation in Parliament to make progress on the E-Levy bill. In the medium-term, Ghana hopes to take advantage of its devalued currency and increase exports. However, this will be a challenge because of an underdeveloped export sector. Long term courses of action will include industrializing the Ghanaian economy via programs like the One District One Factory initiative.
Wake up smarter with an assessment of the stories that will make headlines in the next 24 hours. Download The Daily Brief.