HOW DO PEOPLE SURVIVE IN AN ECONONMY WITH 40 – 50% INFLATION? – Afriyie Akoto

“We are in an economic crisis, for a whole generation, Ghana’s economy has not been in such a crisis, I am the first to admit that…yes, we haven’t even come out from the IMF… I mean we have to be honest with ourselves.

“What I am saying is that since independence, this is the seventeenth time we have gone to the IMF. If you divide sixty years by seventeen, you will get an average of about four years, so, in other words, every four years, we go to the IMF, and you know why? Because we have been financing our development with debt,” he explained.

He expressed his readiness to initiate a process of economic restructuring and stability to address inflation rates that have reached as high as 40% and 50%.

“I will be able to initiate the process of structuring the economy of Ghana…An economy with inflation of 40%, 50%, I mean how does anybody survive… I mean I am being truthful for the fact. Before you can do anything, you have to recognize the problem,” he added.