Measures put in place by the Government are working in favour of the local currency – The Cedi – Vice President Kwesi Amissah-Arthur has said.
Addressing the Eid ul-Adha festival at Takoradi in the Western Region Saturday, Amissah-Arthur the downward trend of the economy is being halted.
“During the past few months, the conditions in our economy have weakened, and we are making efforts to reverse the trend we are seeing," he told the gathering of Muslim faithful.
The Cedi lost about 40 percent of its value to the Dollar and other major currencies of international trade including the Euro and Pound Sterling.
“The measures we have put in place have started showing positive signs as the Cedi is regaining some of the lost ground to the major international currencies including the US dollar," Amissah-Arthur said.
The Government recently flooded the economy with $2.7 billion through a $1 billion oversubscribed Eurobond and a $1.7 billion cocoa syndicated loan. Economists put the resurgence of the Cedi down to the infusion of more dollars into the system, which has lessened demand for the US currency.
The Vice President also said ongoing talks with the International Monetary Fund are expected to come with additional prospects for the former British colony’s economy.
“We have already began discussions with the International Monetary Fund on a possible programme that can be supported by the Fund. We are hopeful that the discussions will be concluded soon to restore stability in our economy and restore growth”.
