The Minister for Finance Ken Ofori-Atta, has called for the sustenance of the gains made to revamp the country’s economy.
The Finance Minister made the call at a press conference held in Accra on Monday, 19 December, 2022 on the update on the economy.
According to Mr Ofori-Atta, “While accommodating the input of stakeholders, we must do all we can to sustain the gains made from these initiatives, keeping in sight the urgency of obtaining IMF board approval in Q1 2023.”
He emphasised that: “The cost of this not succeeding will be too huge for our economy.”
Government has put in place a debt restructuring programme to address the country’s economic challenges.
Currently the Cedi which had depreciated against the major trading currencies of the world is appreciating at GHS7 to USD1.
Meanwhile, President Nana Addo Dankwa Akufo-Addo has stated that the appreciation of the cedi against all major trading currencies is a result of deliberate policy interventions introduced by the government over the last few months.
According to President Akufo-Addo, “the strengthening of the cedi has not happened by chance, but through the implementation of deliberate policies by government, in collaboration with the Bank of Ghana.”
These measures, he said, include “cedi liquidity tightening measures, resulting in the offloading of forex, as a store of value, by speculators; the improvement of forex flows from remittances and the mining sector; and the reaching of a staff-level agreement with the IMF for a US$3 billion package.”
The President made this known on Sunday, 18 December 2022, when he delivered an address at the centenary celebration of the Ga Presbytery of the Presbyterian Church of Ghana, held at the Black Star Square, Accra.
Addressing the congregation, which included the Moderator of the Presbyterian Church of Ghana, Rev. Prof. Joseph Obiri Yeboah Mante, he stated that with appropriate policy, determination and hard work on the part of the government, things are beginning to turn around.
