Ghanaians expect better socio-economic conditions in 2023.

Ghanaians expect better socio-economic conditions in 2023.

Ghanaians say, they anticipate better socioeconomic circumstances in 2023 considering the many economic challenges the nation had in 2022 as that year draws near.

“This year has been quite challenging for our country and people regarding the cedi depreciation and rising inflation,” Henry Djangmah, a 44-year-old businessman in Ghana’s Tema city, told News Ghana in a recent interview.

His remarks came shortly after Ghana's annual inflation rate accelerated to 50.3 percent in November for the 18th consecutive month and the cedi, the country's currency, depreciated quickly for the most of the year. According to the Ministry of Finance, as of Nov. 23, the Ghanaian cedi has lost value relative to the US dollar by a total of 54.2 percent.

The Ghanaian government has been negotiating for a rescue package with the International Monetary Fund (IMF) since July as a result of the country's deteriorating economic situation. A temporary deal with the IMF was struck in December as a result of its efforts.

The government's plethora of measures has caused the cedi to appreciate versus the dollar during the last few days.

Many Ghanaians expressed confidence that the financial situation may improve in the next year due to recent government actions and developments, a pick-up in economic activity, and the gradual restoration of global supply networks.

“The recent appreciation of the local currency against its major trading currencies is good for us as business people, and I’m quite optimistic it continues into 2023,” Djangmah said.

Public employee Kwesi Biney said that, the recent reduction in transportation costs, which is unusual in Ghana, has provided some respite to customers and expressed optimism that the economic situation would improve for those who have endured rising prices for products and services for more than ten months.

“What gives me hope that things will be better next year is the reduction in fuel prices, transportation fares, spare parts for vehicles, and other products. If the government continues to clamp down on illegal forex operators and the cedi strengthens against major currencies, Ghanaians will enjoy improved conditions in 2023,” Biney said.

President Nana Addo Dankwa Akufo-Addo said in a speech on Christmas Eve that Ghana has started to see some good changes, which is a sure sign that things would improve. After the recent losses, he maintained optimism that the economy will completely recover.

Source: ghananews.hrforum.uk