Business News of 2014-04-02

Full economic recovery will take a couple of years – Tekper

Current economic challenges facing the country are expected to continue for a couple of years before they totally cease.

According to Finance minister Seth Tekper the full effect of measures currently being rolled out by government to deal with the challenges will take more than a year to yield the needed results.

‘‘Some of the measures being implemented currently are structural in nature and will take a longer time to yield results’

Ghana’s economy for about two years now has been going through some rough patches with increasing deficit, growing wage bill, missed revenue targets, erratic power supply, continuous free fall of the cedi, and labor agitations among others.

Government in a bid to rectify the situation introduced a number of measures last year.

Finance minister Seth Tekper delivering an urgent policy statement in Parliament on the Ghanaian economy said the measures have begun to yield results.

‘The economy is beginning to adjust to the fiscal and monitory measures and with have made positive changes in nominal budget numbers as well as a reduced phase of the depreciation of the cedi’

He was however quick to add that there are still a number of threats likely to hamper the growth of the economy.

‘There is still risk relating to continued commodity, price volatility and tightening global financial conditions still remain’