Ghana President to Deliver National Address to Parliament
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.
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