The Minister of Information, Kojo Oppong-Nkrumah has disclosed that the government has developed a road map to address the current economic challenges.
He said President Nana Addo Dankwa Akufo-Addo will address Ghanaians on the measures being taken to ameliorate the hardships as part of the plan.
Kojo Opoong-Nkrumah said that on the part of government, the Economic Management Team, chaired by Vice-President Mahamudu Bawumia will also hold a series of meetings and receive a briefing from the Bank of Ghana after its engagement with banks and forex bureau operators.
According to him, government’s consultations will end with a cabinet retreat. President Nana Akufo-Addo, the minister said, will then address the nation on the measures taken by his government to address the economic hardship in the country.
“The Bank of Ghana will be meeting the Managing Director of some of the Banks and the heads of the forex bureau association to hold discussions aimed at ensuring that the supply of forex on the market is stabilized and the overpricing is halted so that, those who need forex for business get it without hindrances at the banking halls as against rates on the black market or some other quarters.”
According to the government’s spokesperson, the Economic Management Team (EMT) as well as cabinet will also be holding talks over the free fall of the cedi and other matters arising from the country’s engagements with the International Monetary Fund (IMF).
“We will also be looking at long-lasting measures to ensure that forex rate is stabilized in the country, even as we expect a lot more inflow of forex following the completion of the syndication of the COCOBOD transaction loan. The Economic Management Team is also meeting to appraise itself on some of the recommendations as we get closer to the end of the year. On Thursday, Cabinet itself will be meeting to receive what has gone through the EMT and updates from the IMF negotiation so that some decisions will be made and then update the country on the next step forward.”
The Ghana cedi has depreciated by 37.5%, 24.1% and 27.5% against the US dollar, the pound, and Euro, respectively in September, the central bank said in its Monetary Policy Report early October 2022.
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