He noted that the challenges have been occasioned by the coronavirus pandemic.
“Our nation, and indeed every country on the face of the planet, is going through challenges brought forth largely by Covid-19,” he said.
“Ghana is not the only country faced with extraordinary increases in global freight rates, stringent inflationary pressures, dramatically rising fuel prices, unprecedented volatility in stock markets, and tighter global financing conditions. These are global phenomena.”
President Akufo-Addo made the observation on Saturday, March 19 when he joined past and current students of St. Augustine’s College to mark the school’s 92nd Speech and Prize-giving Day.
He, however, gave the greatest assurances yet that Ghana will be out of the woods sooner than later with the implementation of the Ghana Coronavirus Alleviation and Revitalisation of Enterprises Support (CARES) Programme.
“I am certain that sooner rather than later, our economy, through the implementation of the government’s ¢100 billion Ghana CARES Obaatanpa programme, would rebound from the ravages of the pandemic, bringing in its wake stability, development, progress, and prosperity for all Ghanaians.”
Recent hikes in fuel prices have brought in their wake high cost of living with transport fares and price of goods set to go up the coming weeks.
The President assured that there is the need to take difficult but necessary measures in order to revive the economy.
He commissioned a new chapel and a new centre of modern learning for the schools.
The expanded computer laboratory was built through the efforts of old boys in partnership with government.
President Akufo-Addo also promised to get the school a new 60-seater bus.