The Bank of Ghana (BoG) is in the process of addressing critical financial issues to ensure the cedi gains grounds and perform better against othe
The Bank of Ghana (BoG) is in the process of addressing critical financial issues to ensure the cedi gains grounds and perform better against other currencies, this is according to Finance Minister Ken Ofori-Atta.
The Minister made this disclosure on Monday, July 25, when he visited Parliament to present the Mid-Year Budget Review statement.
He said the Ministry of Finance will work with the Bank of Ghana in the coming months to provide emergency financing shortfalls, in line with the law, given the current unpredictable and challenging environment.
“The Bank of Ghana is also taking measures to help reduce inflation and has introduced a major critical measure to help stabilise the cedi; which is to exercise Ghana’s first right of refusal to gold produced here and, for the first time in the Fourth Republic, at least, build a strong gold reserves culture to protect the cedi better moving forward,” Ken Ofori-Atta indicated.
According to the Finance Minister, the collective achievement of these initiatives will offer a more permanent respite and improve the country’s capacity to withstand similar challenges in the future.
He said despite the current bad state of the country’s economy, the future prospects are bright and things will soon turn around for the better.
“..We will have to contend with recurrent external challenges and adapt quickly to a new environment. There will always be unexpected challenges ahead. These have to be carefully considered and measures put in place to resolve them,” Ken Ofori-Atta told Parliament.
Due to the bad state of the Ghanaian economy, President Akufo-Addo called on the International Monetary Fund (IMF) to intervene and provide support.
Already, a team from the Fund has visited Ghana to gather data as engagements with government officials agree on a programme to save Ghana’s economy.
COMMENTS