Ailing Cedi showing signs of recovery – Terkper

The Minister of Finance, Seth Terkper, is confident that the ailing Cedi will gain ground in the coming months after “showing signs of recovery.”

The local currency of Ghana has been depreciating against major currencies – US Dollar and the British Pound, but has stabilised marginally recently.

Presenting the 2015 budget and economic statement to Parliament on Wednesday, the Finance Minister said the economy has been hit hard by the ongoing energy crisis, but hopes should not dash yet.

He said once the economy grew even during the period it was going through challenges, Ghanaians can trust the Mahama-led administration to resuscitate the economy.

The ruling National Democratic Congress (NDC) is looking forward to a positive year ahead with the coming on stream of the Atuabo Gas Processing Plant and the rise in oil production on a number of oil fields in Ghana, Terkper mentioned.

But he warned that, “We are not yet out of the woods. An IMF programme will dovetail into our plan for bright medium to long-term prospects.”

The Ghana government is in final round talks with the International Monetary Fund for a bailout programme to salvage the ailing economy, and a three-year programme is expected to take off in January next year.