Osafo Maafo Buoyant About Cedi Turnaround - As France-Ghana Chamber Marks 60 Yrs

By Ernest KISSIEDU

Ghana has become a strong economic hub for trade and investments as well as doing business in the West African sub-region.

Although the economy is faced with some challenges as a result of the depreciation of the Cedi against the major trading currencies, the situation is expected to ease before the end of March.

According to Senior Minister, Yaw Osafo Maafo, policy initiatives outlined in the budget statement delivered by the Finance Minister, Ken Ofori-Atta, will stabilise the currency; but it will take up to one month before the markets respond.

"The cedi depreciated because the economy had performed poorly at the end of December. But now the budget has put in place measures that will stem the economy," he announced at a Gala Night organised by the Chamber of Commerce and Industry (CCI) France-Ghana in Accra before the weekend.

"It takes about three weeks to a month for people to respond to such economic indicators. However, the value of the cedi against the dollar is not likely to return to the pre-January 2017 rate when it picks up," Osafo Marfo added.

It is said that there has been stagnation in growth in doing business in the country, but the Senior Minister pointed to the private sector as the antidote.

"Private sector will be not only an engine of growth but also the main driver of development in Ghana," he stressed and assured the French government of continual support and stronger partnerships among their respective countries.

On his part, the French Ambassador to Ghana, Francois Pujolas, noted that Ghana has become a driving force for regional integration in West Africa and called for the need to improve upon the existing relationship between the two countries.

"There has been a good relationship among our countries and we need to learn and share our expertise the more. We must work together a lot more to help develop businesses to enhance our economies," he said.

The CCI France-Ghana is one of the largest and most dynamic business networks in the world. There are over 100 members of the Ghana Chamber of Commerce.

Like Ghana, the Chamber is also celebrating its 60th year of being in operation in the country. Ghana and France both share wonderful cultures and have always had good relationship in trade and investments.

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