President John Agyekum Kufuor on Thursday said his government has inherited a tattered economy and appealed for co-operation and tolerance from Ghanaians while his team seeks the right approach to mending it.

"We should hold together if we're going to turn round the nation from the stagnation, the cover up that's ruled us all these years," he said "We need peace of mind to tackle the problems."

President Kufuor was speaking at a meeting with the Executive Secretary of the Economic Commission for Africa, Dr Kingsley Y. Amoako at the State House.

Dr Amoako, who participated in a two-day economic forum at Akosombo, called at the State House to share thoughts on his assessment of the economy with the view to exploring the way forward.

Mr Kufuor thanked Dr Amoako and others especially, a US based group of Ghanaian economists, for coming home at their own expense to participate in the forum, which was also aimed at fashioning out the first budget of the new administration.

He said government would not shirk its duty of providing good governance and improved living standards.

However, it is important to let the people know of the bitter truth in order to seek their co-operation with the policies that will sometimes require sacrifices.

"We are at great pains to let the people of Ghana know the mess we've inherited."

He said there has been pressure on his team to come out with this year's budget and he hopes it would embrace the vision for which the New Patriotic Party was voted into power.

President Kufuor said members of government would be the first to make sacrifices if that choice will have to be made.

He said he expected Dr Amoako to analyse the economic situation clinically in order to help out with realistic remedies that will be accepted to all.

"You should also feel free to criticise us constructively in any area we should be found wanting."

Dr Amoako said an assessment of the economic situation at the forum revealed that the problems are very acute.

"But with fortitude, determination and clear sense of direction, the situation can be turned around," he said.

He gave the assurance that the international community stands ready to work with the government in improving the economy.

Vice President Aliu Mahama said the Akosombo forum was only the beginning of the government's search for an economic success.

Mr Yaw Osafo-Maafo, Minister of Finance, said the economic situation is terrible but expressed the hope that with the fortitude of government and goodwill from donors, it would be mended.

He said the foreign-based Ghanaian economists expressed surprise at the level to which the economy has sunk but again, they showed the determination to help rebuild it.

Mr Osafo-Maafo said government would consider proposals by the participants that the forum should be held every six months to review the economy and keep it on track.