In spite of the global situation, President Nana Addo Dankwa Akufo-Addo is determined to bring back confidence and relief to Ghanaians, Deputy Director of Communications for the New Patriotic Party (NPP) Ernest Owusu Bempah has said.
He said Mr Akufo-Addo is working towards reaching a deal with the International Monetary Fund (IMF) by the end of the year.
This will give further credence to the measures Government is taking to stabilize and grow the economy, as well as shore up our currency, he said.
In a statement reacting to the President’s public address on the economy on Sunday October 30, Mr Owusu Bempah said “The President is also determined to restore and sustain debt sustainability. In that regards, he plan to reduce our total public debt to GDP ratio to some fifty-five percent (55%) in present value terms by 2028, with the servicing of our external debt pegged at not more than eighteen percent (18%) of our annual revenue also by 2028.
“Indeed, some steps have been taken to restore order in the forex markets and we are already beginning to see some calm returning.
“And as the President said, government is working with the Bank of Ghana and the oil producing and mining companies to introduce a new legal and regulatory framework to ensure that all foreign exchange earned from operations in Ghana are, initially, paid to banks domiciled in Ghana to help boost the domestic foreign exchange.”
President Akufo-Addo announced key decisions that have been taken by his government to resolve the economic challenges facing Ghanaians.
Delivering an address to the nation on Sunday October 30, he said “The following actions have been taken thus far: 1) enhanced supervisory action by the Bank of Ghana in the forex bureau markets and the black market to flush out illegal operators, as well as ensuring that those permitted to operate legally abide by the market rules.”
“Already some forex bureaus have had their licenses revoked, and this exercise will continue until complete order is restored in the sector,” he said.
The other measures are “Fresh inflows of dollars are providing liquidity to the foreign exchange market, and addressing the pipeline demand;
“The Bank of Ghana has given its full commitment to the commercial banks to provide liquidity to ensure the wheels of the economy continue to run in a stabilized manner, till the IMF Programme kicks in and the financing assurances expected from other partners also come in;
“Government is working with the Bank of Ghana and the oil producing and mining companies to introduce a new legal and regulatory framework to ensure that all foreign exchange earned from operations in Ghana are, initially, paid to banks domiciled in Ghana
“The Bank of Ghana will enhance its gold purchase programme.”
Mr Akufo-Addo further assured Ghanaians that his government cares about them hence, is working hard to ameliorate the hardships they are going through presently.
He says the government is determined to restore economic stability.
He said “It is obvious, fellow Ghanaians, that you have a government that cares. We are determined to restore stability to the economy, and provide relief.
“We are all in this together, and I am asking for your support to rescue Ghana from the throes of this economic crisis.”
He further referred to a number of initiatives the government introduced to support Ghanaians
He said “No guarantor is now required to obtain student loans. The Ghanacard is sufficient; and we have implemented free TVET as well as free senior high school education.
“We expanded School Feeding from 1.6 million children to 2.1 million children; we restored teacher and nursing training allowances; we absorbed the cost of BECE and WASSCE exam registrations for parents;
“It is for this reason that over the first five (5) years in office government reduced electricity tariffs cumulatively by 10.9%, we provided free water and electricity as well as reduced tariffs for the entire population during a whole year of the COVID-19 pandemic.”
He stressed “My government has always been cognisant of the importance of implementing policies and social interventions to relieve Ghanaians of hardships.”
By Laud Nartey|3news.com|Ghana