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More than 1,000 Ghanaians took to the streets of the country’s capital this week to protest over Ghana’s ailing economy which has seen the local currency plummet and the price of goods increase to record levels, Reuters reported Monday.
Demonstrators demanded the resignation of President Nana Akufo-Addo over his handling of the economy. They also called for the government to halt its talks with the International Monetary Fund over a $3 billion loan to prop up the economy.
Akufo-Addo said the loan will stabilize Ghana’s economic situation which is reeling after inflation topped 37 percent in September, a 21-year peak despite aggressive policy tightening, according to Agence France-Presse.
The president’s move, however, has sparked concerns that the government may implement austerity measures, further burdening a population already struggling with rising prices.
The protests are the latest in a series of demonstrations this year over the rising cost of living, which has made it even more difficult for people to get by in the West African nation. According to the World Bank, a quarter of the population lives on less than $2.15 per day.
Ghana’s currency, the Cedi, has dropped by more than 40 percent against the US dollar this year, becoming one of the worst-performing currencies in a region that continues to grapple with the fallout from a global economic slowdown.