The government’s commitment to stabilizing the Ghana cedi before the end of the year has been reaffirmed by Finance Minister Ken Ofori-Atta.
He claimed that one of the main factors contributing to the recent devaluation of the cedi was speculation, and that the government and Bank of Ghana have taken steps to address it.
At an Association of Ghana Industries (AGI) meeting, Mr. Ofori-Atta assured business leaders that although the depreciation of the cedi has increased the cost of doing business in the nation, he is optimistic that the rate of depreciation will moderate and provide relief to companies.
“As the Minister of Finance, no one needs to tell me the ravages of the cedi depreciation which has become an albatross on the neck of our local industries and the high cost of living for all citizens”.
Additionally, Mr. Ofori-Atta emphasized how the Yen, Pound, and Euro have declined in value as a result of the dollar’s strength relative to other significant foreign currencies.
He urged business to boost output in order to encourage the creation of jobs, saying that “we cannot continue to be a nation of importers.”
He used the example of the nation importing approximately ¢4 billion in fish, ¢1.9 billion in poultry, and ¢487 million in meat in 2022.
Chief executives, managers, and directors from companies like Nestle Ghana, Nandis Limited, Hollard Ghana, Unilever Ghana, Poly Plus Limited, and Metalex Limited were present at the conference.
Adam Ibrahim
Adam is passionate about politics and issues that affect governance. As a writer, he channels his energies into writing on pertinent national and political issues for the good of the Ghanaian people.
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