Thursday, October 9, 2025
  • Who’sWho Africa AWARDS
  • About TimeAfrica Magazine
  • Contact Us
Time Africa Magazine
  • Home
  • Magazine
  • WHO’SWHO AWARDS
  • News
  • World News
    • US
    • UAE
    • Europe
    • UK
    • Israel-Hamas
    • Russia-Ukraine
  • Politics
  • Crime
  • Lifestyle
  • Sports
  • Column
  • Interviews
  • Special Report
No Result
View All Result
Time Africa Magazine
  • Home
  • Magazine
  • WHO’SWHO AWARDS
  • News
  • World News
    • US
    • UAE
    • Europe
    • UK
    • Israel-Hamas
    • Russia-Ukraine
  • Politics
  • Crime
  • Lifestyle
  • Sports
  • Column
  • Interviews
  • Special Report
No Result
View All Result
Time Africa Magazine
No Result
View All Result
  • Home
  • WHO’SWHO AWARDS
  • News
  • Magazine
  • World News

Home » Featured » As global economic crises ‘pile up’, Ghana President Akufo-Addo says it’s time for urgent attention

As global economic crises ‘pile up’, Ghana President Akufo-Addo says it’s time for urgent attention

October 20, 2022
in Featured, News
0
FILE PHOTO: Ghana’s President Nana Addo Dankwa Akufo-Addo addresses the General Debate of the 76th Session of the United Nations General Assembly in New York City, U.S., September 22, 2021.  Justin Lane/Pool via REUTERS/File Photo

FILE PHOTO: Ghana’s President Nana Addo Dankwa Akufo-Addo addresses the General Debate of the 76th Session of the United Nations General Assembly in New York City, U.S., September 22, 2021. Justin Lane/Pool via REUTERS/File Photo

540
SHARES
4.5k
VIEWS
Share on FacebookShare on Twitter

It was doubtful that any generation of Earth’s inhabitants has ever witnessed “such a perfect storm of global economic chaos, a war with global consequences, and an unwillingness or inability to find a consensus to deal with the catastrophe,” the President of Ghana, President Akufo-Addo, told the UN General Assembly recently.

President Akufo-Addo who addressed the Assembly’s 77th annual high-level debate centered largely on the issue of global economic challenges and the need of performative solutions for the African economies.

Recalling that COVID-19 had pushed Africa into the worst recession for half a century, he said: “The World Bank observed, last Thursday, that the global economy was enduring its steepest slowdown since 1970. Two years ago, our world came to a thundering halt, as we cowered from a health pandemic from an unknown, malicious virus, coupled with a devastating global economic pandemic. High budget deficits were no longer a concern of only developing nations.”

Referring to Russia’s invasion of Ukraine, that aggravated an already difficult situation, he added, “Every bullet, every bomb, every shell that hits a target in Ukraine, hits our pockets and our economies in Africa.”

ReadAlso

AfDB Approves New Strategy to Drive Economic Diversification and Private Sector-led Inclusive Growth in Lesotho

Gabon confers top national honours on Afreximbank’s President and Executive Vice President

Several African countries had inflation rates surging three to four times higher than what they were just two years ago. Ghana was experiencing the highest inflation for 21 years, he stated.

President Akufo-Addo highlighted that the international financial architecture was skewed significantly against developing and emerging economies like Ghana.

ADVERTISEMENT

He noted that “the tag of Africa as an investment risk is little more than, in substance, a self-fulfilling prophecy created by the prejudice of the international money market, which denies us access to cheaper borrowing, pushing us deeper into debts”, thus underscoring the necessity for reform of the system.

The Ghanaian President stated: “We do not have the luxury of being able to pick and choose which big problem to solve. None of them can wait; the economic turbulence requires urgent and immediate solution; the turmoil and insecurity in many parts of the world require urgent attention; and so does the need to tackle the problems posed by climate change.”

He also referred to the security situation in the area of the Economic Community of West African States (ECOWAS) and expressed disappointment over the fact that all of Ghana’s neighbors had suffered terrorist attacks, and some have lost territorial space to the invading forces. At the same time, he determined to reverse these unfortunate developments.

Remembering Ghana’s first President, Kwame Nkrumah, who would have been 113 years old today, he recalled driving force of De Nkrumah’s political career, which was to contribute to the birth of a united Africa, or a ‘United States of Africa’.

President Akufo-Addo told the world leaders that “Africa is ready for business. Africa needs you and you need Africa. You need Africa because Africa is busily building the world’s largest single market of 1.3 billion people.” He went on to add that

Africa is the new frontier for manufacturing, for technology, for food production.

He concluded by calling on the investor community to support the roll-out of Africa’s lucrative agro-industry, and for the community to see agrobusiness in Africa, more of an opportunity, rather than the perceived, exaggerated risk which according to him has been false but the dominant narrative.

Tags: economyGhanaPresident Akufo-AddoUN Assembly
ADVERTISEMENT
Previous Post

Nnamdi Kanu: FG rejects Appeal Court Judgement, heads to Supreme Court

Next Post

President Akufo-Addo commissions modern residential complex for Appeal Court judges

You MayAlso Like

News

National Council of State Unanimously Approves Appointment of Professor Amupitan as INEC Chairman

October 9, 2025
News

Central African Republic become 46th member of AFC

October 8, 2025
News

Next Steps for African Energy: APPO Must Choose a Visionary Leader to Secure Its Future

October 8, 2025
Prince Harry watching an anti-poaching exercise in Malawi in 2019 during a royal tour of Africa to visit his charities (Getty)
News

Chad Cuts Ties with Charity Linked to Prince Harry

October 8, 2025
News

Sudanese militia leader convicted of war crimes

October 8, 2025
News

Man sentenced to death for Facebook posts about president

October 8, 2025
Next Post

President Akufo-Addo commissions modern residential complex for Appeal Court judges

Defence Headquarters warns against use of military images for political campaigns

Discussion about this post

Kingdom in Crisis: Ogwashi-Uku Rejects Obi’s Land Grab, Villages Ready to Declare Autonomy

Faked or Factual: UNN Contradictory Claims on Minister Uche Nnaji Certificate Raise Questions of Credibility

Woman appointed Archbishop of Canterbury 

A Minister of Lies?: Uche Nnaji’s Certificate Scandal and the Collapse of Credibility in Nigerian Governance

Certificate Scandal: University of Nigeria Declares Minister Uche Nnaji Never Graduated

Nigeria’s Anglican Church Rescinds Ties with Canterbury Amid Controversy Over ‘Pro-Gay’ Female Archbishop

  • British government apologizes to Peter Obi, as hired impostors, master manipulators on rampage abroad

    1242 shares
    Share 497 Tweet 311
  • Maids trafficked and sold to wealthy Saudis on black market

    1067 shares
    Share 427 Tweet 267
  • Flight Attendant Sees Late Husband On Plane

    974 shares
    Share 390 Tweet 244
  • ‘Céline Dion Dead 2023’: Singer killed By Internet Death Hoax

    905 shares
    Share 362 Tweet 226
  • Crisis echoes, fears grow in Amechi Awkunanaw in Enugu State

    735 shares
    Share 294 Tweet 184
  • Trending
  • Comments
  • Latest

British government apologizes to Peter Obi, as hired impostors, master manipulators on rampage abroad

April 13, 2023

Maids trafficked and sold to wealthy Saudis on black market

December 27, 2022
Flight Attendant Sees Late Husband On Plane

Flight Attendant Sees Late Husband On Plane

September 22, 2023
‘Céline Dion Dead 2023’: Singer killed By Internet Death Hoax

‘Céline Dion Dead 2023’: Singer killed By Internet Death Hoax

March 21, 2023
Chief Mrs Ebelechukwu, wife of Willie Obiano, former governor of Anambra state

NIGERIA: No, wife of Biafran warlord, Bianca Ojukwu lied – Ebele Obiano:

0

SOUTH AFRICA: TO LEAVE OR NOT TO LEAVE?

0
kelechi iheanacho

TOP SCORER: IHEANACHA

0
Goodluck Ebele Jonathan

WHAT CAN’TBE TAKEN AWAY FROM JONATHAN

0

National Council of State Unanimously Approves Appointment of Professor Amupitan as INEC Chairman

October 9, 2025

Central African Republic become 46th member of AFC

October 8, 2025

Next Steps for African Energy: APPO Must Choose a Visionary Leader to Secure Its Future

October 8, 2025
Prince Harry watching an anti-poaching exercise in Malawi in 2019 during a royal tour of Africa to visit his charities (Getty)

Chad Cuts Ties with Charity Linked to Prince Harry

October 8, 2025

ABOUT US

Time Africa Magazine

TIMEAFRICA MAGAZINE is an African Magazine with a culture of excellence; a magazine without peer. Nearly a third of its readers hold advanced degrees and include novelists, … READ MORE >>

SECTIONS

  • Aviation
  • Column
  • Crime
  • Europe
  • Featured
  • Gallery
  • Health
  • Interviews
  • Israel-Hamas
  • Lifestyle
  • Magazine
  • Middle-East
  • News
  • Politics
  • Press Release
  • Russia-Ukraine
  • Science
  • Special Report
  • Sports
  • TV/Radio
  • UAE
  • UK
  • US
  • World News

Useful Links

  • AllAfrica
  • Channel Africa
  • El Khabar
  • The Guardian
  • Cairo Live
  • Le Republicain
  • Magazine: 9771144975608
  • Subscribe to TIMEAFRICA MAGAZINE biweekly news magazine

    Enjoy handpicked stories from around African continent,
    delivered anywhere in the world

    Subscribe

    • About TimeAfrica Magazine
    • Privacy Policy
    • Contact Us
    • WHO’SWHO AWARDS

    © 2025 TimeAfrica Magazine - All Right Reserved. TimeAfrica Magazine Ltd is published by Times Associates, registered Nigeria. Use of this site constitutes acceptance of our Terms of Service.

    No Result
    View All Result
    • WHO’SWHO AWARDS
    • Politics
    • Column
    • Interviews
    • Gallery
    • Lifestyle
    • Special Report
    • Sports
    • TV/Radio
    • Aviation
    • Health
    • Science
    • World News

    © 2025 TimeAfrica Magazine - All Right Reserved. TimeAfrica Magazine Ltd is published by Times Associates, registered Nigeria. Use of this site constitutes acceptance of our Terms of Service.

    This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.