Business News of 2014-03-20

Ghana’s economy to regain growth - VP Amissah-Arthur

Vice President Kwesi Bekoe Amissah-Arthur on Wednesday said government has resolved to take the necessary actions to reverse the current economic challenges, and put the economy back on the path of growth.

He acknowledged that there are challenges with the current economic indicators, but expressed the hope that with time, government will be able to reverse the trend. The Vice President gave the assurance when a delegation from the African Development Bank, paid a courtesy call on him at the Flagstaff House, at Kanda in Accra.

The team, led by Professor Mthuli Ncube, is in Ghana to assess the performance of projects being assisted by the bank. The Vice President noted that the loss in the export values of gold and cocoa had exerted significant pressure on the nation’s economic performance.

Vice President Amissah-Arthur recalled that the Bank of Ghana recently announced policies to reverse further fall of the Ghana Cedi against major foreign currencies, and added that the Minister of Finance would soon announce a comprehensive programme to address the challenges of the economy.

Also, Government is in discussions with stakeholders in the economy on ways to cut down Government spending, confident that the economy will bounce back to growth by 2015. Prof Ncube, in an interview with journalists later, said the bank is impressed with how the Government of Ghana is focused on handling the economy.

He said the Government is determined to improve the economy, but cannot do it alone hence the need for partnerships Prof Ncube stressed the need for more skills development among the labour force.