President John Dramani Mahama says government will soon take what he calls “bold decisions” to urgently resolve the challenges facing the Ghanaian economy.
Government has come under criticism for the rising budget deficit, high inflation rate, cedi depreciation and other challenges facing the country.
But the President believes the Strategic advisory group, which he chairs, will put in place measures to halt the decline of the economy.
Speaking to the Presidential Press Corps after a meeting with the Presidential Advisory Committee on the Economy at Peduase lodge, the President stated that government “has taken strong decisions to resolve the fiscal deficit and arrest the growth of the deficit.”
He said the Advisory Committee will meet continuously to discuss how government can “create a board alliance behind the measures that it [government] is implementing to be able to even more urgently consolidate the fiscal space and restore the growth of the economy.”
“We are bringing on more information, more statistics from the Bank of Ghana … we will form a small working team, look at the figures and we will come out with some bold decisions and measures in order to attain the economic objectives that we set for ourselves,” the President added.
On his part, a member of the Presidential Advisory Committee on the Economy, Kwame Pianim expressed the hope that government will come up with dynamic policies to re-structure and grow the economy.
He said the President “continued the national consultations from Senchi and put together a strategy group” which will “continue a national alliance for tackling the challenges that we[Ghanaians] have with the economy”
Meanwhile the Governor of the Bank of Ghana Dr. Henry Kofi Wampah says the Bank is taking prudent measures to stabilize the cedi.
In line with this, the Bank will further review the recently revised foreign exchange rules.
He also pledged the Bank’s commitment to continuously monitor the situation “and introduce new forex rules if the need arises”
He further revealed that the Bank has resolved “to introduce new measures next week to tackle the cedi depreciation.”
The Advisory Board meeting was held to evaluate decisions to support the targets and objectives of government.
Members of the Board who attended the meeting include the Vice President, Kwesi Amissah Arthur, and Mr. Kwame Pianim, a former Finance Minister.
By: Marian Efe Ansah/citifmonline.com/Ghana
Follow @EfeAnsah