Ghanaian President Nana Akufo-Addo says his country is experiencing its worst economic crisis.
The Ghana cedi has depreciated by over 50% this year and is listed as the world’s worst-performing currency against the US dollar.
Mr. Akufo-Addo blamed speculation and illegal forex traders for the depreciation, adding that the central bank would clamp down on perpetrators.
The president says the government would maintain a 30% cut in the salaries of the president, vice president, ministers, and other government appointees.
The president assured investors in government treasury bills and other financial instruments that they would not lose their money because of the deal - amid concerns that a possible debt-restructuring agreement could affect the investors.