The Deputy Minister of Finance, Thomas Ampem Nyarko says the Ministry is working earnestly to stabilize and strengthen the Ghana cedis to create the enabling environment for businesses.
The cedi has witnessed significant improvement in recent weeks, trading at an interbank rate of 12 cedis 39 pesewas to the US dollar as at May 16 — a sharp recovery from over 16 cedis earlier this year.
Analysts however attribute this gains to both external factors and internal measures.
But some industry watchers have forecast that the cedi will depreciate again before the end of the year.
However, addressing congregants during a special Church service held in his honour by Presbyterian Church of Ghana in Akosombo on Sunday, the Deputy Minister of Finance, Thomas Ampem Nyarko, assured that efforts are underway to strengthen the local currency.
“President Mahama charged my Boss [Dr.Cassiel Ato Forson] to stabilize the Ghanaian currency, reduce inflation, and bring Ghana’s debt to a sustainable level. I am happy to say that we have started working in earnest under the leadership of Dr. Cassiel Ato Forson to stabilize the currency. We are not only stabilizing, in fact, we are strengthening the currency. We will work hard to strengthen the cedis and stabilize it so that businesses will thrive” said Thomas Ampem Nyarko, Deputy Minister of Finance.
The Former Moderator of the Presbyterian Church of Ghana, Rt. Rev. Prof. J. O. Y. Mante, commended the government’s efforts but emphasized the next six months as critical in determining whether the cedi’s stability will hold.
“Strengthening the currency is very very important but ther is big difference between arresting the dollar and stopping the dollar. Sometimes it takes a while for us to know whether they are just blocking the dollar or arresting the dollar. So right now it looks like everything is fine but with time we will know whether they have arrested the dollar. I pray that the dollar will be arrested and not just block. If you block it you cannot block it forever but if you arrest it then we know good economics is happening. Now whether it is arresting or blocking time will tell. We give them six more months to see whether it was just a blockage or arresting of the dollar” Said Rt. Rev. Prof. J. O. Y. Mante
The Church service was climaxed with touching gesture by the Deputy Finance Minister Thomas Ampem Nyarko, Sam George, and other government appointees who raised 450,000 Ghana cedis on the spot to support 400 needy but brilliant tertiary students, following an appeal by the former Moderator.
The church service brought together some Members of Parliament, government appointees, traditional rulers, family, friends, and the local community in Akosombo.
Various groups in the local Presbyterian congregation honored the Deputy Finance Minister for his dedication and commitment to the kingdom work.
Source: Ghana/Starrfm.com.gh/Obed Kojo Ansah
