Cedi to stabilise as gov’t rebuild reserves with $2bn
Adnan Adams Mohammed
In spate of escalating exchange rate between the local currency (Cedi) and other major foreign trading currencies, especially the U.S dollar, government plans to build up the international reserves with US$2.0 billion.
This, among other major economic recovery measures deliberated on and adopted during the crunch cabinet over the weekend at Peduase Presidential lodge, as hinted by government officials present at the meeting are expected to heal and restore credibility and confidence in the economy.
The reliefs include tackling the rising fuel prices occasioned by the global economic turmoil from the ongoing Russia-Ukraine conflict, and measures to address the persistent rise in prices of goods and services.
The meeting chaired by President Akufo-Addo tasked the Minister of Agriculture, Dr. Owusu Afriyie Akoto, roll out measures to arrest the rising inflation from food prices.
Also, the Energy Minister, Dr. Matthew Opoku Prempeh and Minister of Finance, Ken Ofori-Atta, have been urged to put up measures to mitigate the rising cost of fuel and its attendant pressures on the cost of living.
Other measures include the opening of the country’s land borders, easing of general COVID-19 restrictions, and measures to arrest currency depreciation.
Sources at the Cabinet retreat also disclosed that COVID-19 tests will be scrapped for vaccinated passengers who are either entering or leaving the country whilst government will cut its expenditures significantly.
In a tweet on Thursday, Minister for Information, Kojo Oppong Nkrumah, disclosed that the essence of the retreat was to enable government to proffer solutions to ease the burden on Ghanaians.
“In the coming days details will be announced including when and how borders will be opened, the removal of some testing protocols, shoring up the currency and further cutting expenditures while ensuring growth,” the minister told pressmen on the sides of the retreat.
It is expected that the President, Finance Minister, and other ministers as well as the Bank of Ghana, in the coming days, will provide details on the reliefs and the appropriate sectors.
The reliefs are also expected to answer questions being posed by economic watchers on how the Government of Ghana will respond to the current global economic challenges.