Economic turbulence is temporary – Mahama

President John Dramani Mahama has assured that the current economic woes facing the country is temporary, adding that Ghanaians will soon witness the benefits of the sacrifices his government is making.

President Mahama blamed the Cedi’s depreciation on the over dependence of imports and the massive dollarization of the economy.

”I wish to assure this august house and the good citizens of Ghana that as with the taste of any bitter medicine, this turbulence we are going through is temporary…I assure you that we shall begin to see the benefits of the sacrifices we are making very soon,” President Mahama said.

The President in his State of the Nation Address to Parliament added that, “despite the short-term challenges we face, our economic fundamentals remain sound and our mid-term goals are bright.”

The President also stated that Ghana's energy sector is much better compared to last year.

“Compared to this same time last year, the electricity or energy situation is much better. It is not fully resolved yet, but we need to acknowledge that we have come a very long way. In fact, Ghana’s electricity connectivity is among the best in Africa”

On Education, the President said, "the Ministry of Education had prepared a roadmap for the progressive introduction of free secondary education in Ghana as required by [the] constitution”. He added that fees in day Senior High Schools would be abolished by the 2015/1016 academic year.

President Mahama also revealed that Government is finalizing a joint venture agreement between Petro Saudi and the Tema Oil Refinery.

The agreement he said will reduce the huge amount of foreign exchange spent on importing finished petroleum products.

President Mahama added that a transaction adviser has also been selected to choose a strategic partner for the Tema Shipyard and Drydock.

The President also announced that the country lost 1.3 billion dollars in exports revenue between 2012 and 2013, due to the declining gold and cocoa prices.

According to him, a campaign for Made-In-Ghana goods, beginning this year, will be launched to help promote Ghanaian products.