The Vice-President, Professor Naana Jane Opoku-Agyemang says Ghana’s economy is being reset to ensure stability and long-term growth built on discipline, hard work and trust from people and institutions.
She said through prudent expenditure cuts, strengthened employment controls and sound financial management, the economy was restoring confidence, rebuilding value and achieving tangible gains.
The Vice-President was speaking at the 14th Ghana Economic Forum on the theme: “Currency Stability: A reset for Sustainable Economic Growth.”
The event organised by the Business and Financial Times (BFT) seeks to foster in-depth discussions and debates on critical issues shaping Ghana’s economy.
It also explored solutions to overcome challenges and accelerate national development goals.
She said the same principle applied to the country’s currency and economy, which was why the government continued to push for reforms.
Professor Opoku-Agyemang said that when the Cedi depreciated, it was not only economists who felt the pain, but every household suffered the consequences.
She said when the Cedi was stable, the economy would be calm, inflation would slow, credit would become cheaper, and households would feel secure.
“This is why macroeconomic stability must not be dismissed as a simple, abstract achievement,” she said.
She said the country had gone through several economic chapters from the British pound to the re-domination of 2007 till now.
She said throughout those chapters, the nation had learnt that depending too heavily on raw exports and excessively on imports, and failing to discipline fiscal habits, made the Cedi pay the price.
She said the Cedi had strengthened significantly, recovering from turbulence a few years ago when it was deemed one of the worst-performing currencies globally, while inflation slowed to 9.4 per cent, and gold reserves had multiplied.
The Vice President said agreements with creditors had eased debt distress and fiscal reforms were beginning to bear fruit.
She said these were not miracles, but the results of deliberate disciplinary choices supported by the Bank of Ghana’s careful policies, stronger export performance and the Gold Board initiative.
She said to make the recovery durable, Ghana must add value to what it produces, empower small businesses and the youth, and build sustainable currency value through discipline, accountability and national cooperation.
Source: GNA
The post Vice-President calls for value addition to sustain cedi stability appeared first on Ghana Business News.
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