Terkper Upbeat at Measures to stabilize cedi

0
Mr Seth Terkper Addressing Media
Don?t Charge Dollars: Terkper Directs Mdas

Mr Seth Terkper (middle) addressing the media at the Accra International Conference CentreThe Finance Minister, Seth Tekper said enough has been done by government and the central bank toward stabilizing the economy and strengthening the local currency.
Mr. Tekper says skeptics who doubt the potency of recently announced measures to curb further depreciation of the cedi must give the Central Bank the benefit of the doubt.

The Trades Union Congress and some economy watchers blame the Bank of Ghana and the Government for the fast depreciating cedi.

But at a press dialogue Friday morning, Mr. Tekper said there are concrete and sustainable steps being taken to shore up the economy and consequently strengthen the cedi.

“Let me highlight three of the measures, of course there is the local content law and we all know is being pushed and elements of it has been passed.

“There is the Edif initiative?there is another very important policy measure which is often not highlighted when it comes to fiscal management ? the Petroleum Revenue Management Act, requires that we put on average 21 percent of petroleum revenue aside for managing this volatilities, that is the essence of the stabilization fund”.

Mr. Tekper also announced that the government is doing a lot to implement recommendations reached at a seminar in the Volta region concerning the effect of the single spine salary structure on the economy.

Also at the press dialogue, the Deputy Governor of the Bank of Ghana, Millison K. Narh said the central bank has been proactive with its interventions.

He deflected criticisms that the central bank watched aloof for the cedi to fall woefully before announcing measures to rescue it.

Send your news stories to [email protected] Follow News Ghana on Google News

LEAVE A REPLY

Please enter your comment!
Please enter your name here