Ghana’s recovery programmes are very credible – Akufo-Addo

President Nana Addo Dankwa Akufo-Addo has said that the recovery programmes instituted but his government due to the impact of the ravages of the coronavirus pandemic, are credible.

He said these programmes give Ghana the opportunity to come out of this period a stronger economy.

“In Ghana, the recovery programme we have is very credible and that is what is going to give us the opportunity to come out of this period a stronger economy, and it is that future we are looking at,” he said.

Mr Akufo-Addo touted the economic progress of the oil-producing West African nation when speaking in interview with the BBC on Monday April 4 but when his attention was drawn to the woes of the local currency, he said “I don’t know the economy in the world that is doing well.

“The Cedi has begun to firm up. The world is going through a difficult [moment], Ghana is no exception, Nigeria is no exception. There is no country in the world that is escaping the ravages of Covid-19 and also the impact of the [Russia-Ukraine conflict].”

Recently the Minister of Finance Ken Ofori Atta announced some measures introduced by the government to deal with the issues affecting the economy especially the Cedi.

Mr Ofori-Atta announced on Thursday March 24 that “With immediate effect, Government has imposed a complete moratorium on the purchase of imported vehicles for the rest of the year. This will affect all new orders, especially 4-wheel drives. We will ensure that the overall effect is to reduce total vehicle purchases by the public sector by at least 50 percent for the period,” he said.

“Again, with immediate effect Government has imposed a moratorium on all foreign travels, except pre-approved critical/statutory travels; Government will conclude on-going measures to eliminate “ghost” workers from the Government payroll by end December 2022;

“Discretionary spending is to be further cut by an additional 10%. The Ministry of Finance is currently meeting with MDAs to review their spending plans for the rest of the three (3) quarters to achieve the discretionary expenditure cuts; ii. these times call for very efficient use of energy resources.

“In line with this, there will be a 50% cut in fuel coupon allocations for all political appointees and Heads of government institutions, including SOEs, effective 1st April 2022,” he added.

Source:3news