General News of 2014-08-03

Mahama discusses measures for microeconomic stability

President John Dramani Mahama on Friday met the Presidential Advisory Committee on the Economy at the Flagstaff House to reflect further on the range of issues affecting the economy.

The Committee’s discussions focused on measures aimed at restoring macroeconomic stability, promoting growth and improving the living conditions of the people.

A statement signed by Dr Edward K. Omane Boamah, Minister of Communications and copied to the Ghana News Agency on Saturday, said the President reaffirmed the Government’s continuing commitment to a liberal foreign exchange regime that provided, among other things, incentives for Ghanaians, both at home and abroad, as well as foreign investors to invest in Ghana.

The President further decided that, as a matter of urgency, measures be taken to stabilise the cedi in order to bring about greater predictability to the business environment.

With respect to the energy situation in the country, the President directed that urgent measures be taken to expedite the coming on stream of domestic gas supplies to provide cheaper fuel for power generation as well as minimise the foreign exchange burden of crude oil imports.

President Mahama directed that immediate initiatives be taken to open discussions with the International Monetary Fund and other development partners in support of the programme for stabilisation and growth.