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The phrase "acknowledge that the current" is correct and usable in written English.
You can use it when discussing a situation or condition that is presently relevant or ongoing, often in formal or analytical contexts.
Example: "In our report, we must acknowledge that the current economic climate poses significant challenges for small businesses."
Alternatives: "recognize that the present" or "accept that the existing".
Exact(32)
In private, they acknowledge that the current rail chaos does not make sense.
But many cancer specialists acknowledge that the current payment system is unsustainable.
But I think — I certainly hope — that he would acknowledge that the current setup is dangerously flawed and should be changed.
But just as some earlier intelligence estimates before the war have proved incorrect, specialists acknowledge that the current assessments, too, are inevitably imperfect.
For that to happen, Walmart will have to acknowledge that the current softly-softly attempt to lower Asda's prices, while protecting its profit margins, is a flop.
While the piece finds fault with the current administration, the authors acknowledge that the current crisis can be traced to the disintegration of Assam after independence.
Similar(27)
But he acknowledged that the current system had been abused.
That may still happen, but Mr. Lappin acknowledged that the current condo market was soft.
Administration officials acknowledged that the current market for new office buildings across Manhattan was relatively weak.
Mr. Meese acknowledged that the current climate was not the ideal one for his point of view.
But he acknowledged that the current mood of Republicans left Mr. Paul in a better position.
More suggestions(17)
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acknowledge that the poor
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Since I tried Ludwig back in 2017, I have been constantly using it in both editing and translation. Ever since, I suggest it to my translators at ProSciEditing.

Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com