Business News of 2014-07-28

Economy will recover by end of the year - Mahama assures

President John Mahama has promised aggrieved workers that current difficulties facing the economy would begin to give way at the latter stages of the year.

Organized labour last Thursday abandoned work to embark on a nationwide protest over the worsening economic condition which threatens the survival of businesses, as operating costs have continuously been on the upsurge in recent weeks.

In an eight-point petition presented to government, the workers demanded immediate action to tackle the problem to avoid a total meltdown of the economy.

In what may be considered his first public response to the demands of the workers, President Mahama said Ghanaians will soon be reaping from measures being implemented to address the situation.

Addressing a gathering of Muslims on Monday, at the forecourt of the Kumasi Central Mosque in the Ashanti Region to celebrate the annual Eid-Ul-Fitr, the president said he considered the message from workers as an “encouragement to work harder”.

"I have noted all the public manifestations and criticisms expressed about the state of the economy over the last several weeks. I have also noted the recent demonstration by organised labour. As a social democrat the working people are my natural allies; I therefore treat their concerns with all the seriousness they deserve,’’ the president said.

“I therefore consider the message in the TUC demonstration as an encouragement to work harder,” he added.

According to him, government has had to implement “some painful but necessary measures to prevent a meltdown”.

He however assured, the economic prospects in the medium to long term are promising.

“I have every confidence these measures will achieve results,” Mr. Mahama affirmed while urging Ghanaians to “eschew cynicism and pessimism” and be optimistic of future projections.

Meanwhile, the President has commended religious leaders for promoting peaceful coexistence among the various sects in the country. He said the unity demonstrated by the leaders have by extension resulted in the peace being enjoyed in the country.

“I urge everyone to continue in this spirit of unity and togetherness…religion must never, ever divide us but unite us...,” he advised.

Source: myjoyonline.com
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