2015 is Ghana’s year of economic resurrection – Minister

Ghana’s faltering economy will be resurrected this year, Deputy Minister of the Eastern Region Mavis Ama Bonsu has said.

Speaking at an Easter Convention organised by a branch of the Church of Pentecost in Koforidua on Sunday, Frimpong said the economic and energy challenges which bedeviled the country in 2014 were painful blessings in disguise just like the death of Jesus Christ to mankind.

She said through the power of the resurrection of Jesus Christ and prudent economic and energy management, the Mahama administration will overcome the challenges in the two sectors.

Frimpong also urged Christians to support the government in the fight against corruption and indiscipline by being agents of change and fighting corruption in government institutions.

Ghana has been going through torrid economic and energy crises for a few years now. The Cedi took a big fall last year, depreciating by about 40 per cent against the Dollar, necessitating some forex control measures by the Central Bank.

The Government eventually resorted to the International Monetary Fund for a $918-million bailout package for three years. The deal was recently sealed. It aims to ensure financial discipline and adduce fiscal credibility to Ghana’s economic programmes.

The Cedi recovered some of its strength against the Dollar and other major currencies of international trade after the Government infused $2.7 billion into the economy through a $1-billion Eurobond flotation and a $1.7-billion syndicated loan from the Ghana Cocoa Board (Cocobod) in the last quarter of last year.

The Cedi has however started falling again this year, depreciating by about 12 per cent already in the first quarter.

Apart from the ailing economy, a worsening power situation has led to many businesses and industries laying off workers while incurring more production cost. Power Minister Dr Kwabena Donkor has promised to resign if he fails to resolve the power problem by the end of the year.