Consumer inflation topped 37 percent in Ghana in September while the cedi currency has lost more than 40 percent of its value this year.
Hundreds of protesters have marched through Ghana’s capital, Accra, calling for the resignation of President Nana Akufo-Addo amid an economic crisis that has seen fuel and food costs spiral to record levels.
Filing past police in riot gear, the more than 1,000-strong crowd waved placards on Saturday and chanted “Akufo-Addo must go”.
The red-clad crowd also shouted “IMF no” in reference to the government’s ongoing talks with the International Monetary Fund for billions of dollars to prop up the economy.
The president last week sought to reassure Ghanaians that the authorities would get the country’s finances back on track after consumer inflation topped 37 percent in September, a 21-year peak despite aggressive policy tightening.
“He has failed and we are asking him to resign. High fuel price increments are killing the people of Ghana,” said protester Rafael Williams.
The peaceful protest was the latest in a series of demonstrations this year over the soaring cost of living that has made it even harder for people to get by in a country where about a quarter of the population lives on less than $2.15 per day, according to the World Bank.
Ghana, which produces gold, cocoa and oil, has also seen its cedi currency plummet by more than 40 percent against the dollar this year, making it one of the worst-performing currencies in a region suffering from the fallout of a global economic slowdown.
“We are speaking to the IMF. They should not give them loans,” said tailor Francisca Wintima, who was among those protesting in the capital.
“Enough is enough.” We have gold, we have oil, we have manganese, we have diamonds. We have everything we need in this country. The only thing that we need is leadership.”