Minister of Information and Media Relations, Mahama Ayariga says the dramatic fall in value of the cedi is no basis for the country to be said to be in economic crisis.
According to him, the fall in the value of the local currency affects only importers, whom he says constitute a section of the economy.
The Member of Parliament (MP) for Sekondi, Papa Owusu Ankomah is reported to have suggested that the economy was in crisis and suggested bi-partisan dialogue and national consensus to find solutions to the crisis.
He told the GNA that the fast depreciation of the cedi against the major international trading currencies, nationwide water shortage, frequent power outages as well as the current budget deficit, were clear indications that there was the need for all stakeholders in the country to come on board to resolve the economic slump for the betterment of the citizenry.
But speaking on the Super Morning Show of Joy FM Tuesday, Mr. Ayariga said the current situation rather presented fine opportunities for the local businesses to become competitive.
“There’s really no economic crisis as such. Temporarily, there is some challenge with the [falling] value of the cedi relative to the dollar and I’m surprised that people trumpet that as a major economic crisis because in some places actually, they will see that as an opportunity for promoting domestic production.
“… this is the right kind of condition you need to encourage people to substitute import for local production and to encourage local manufacturing to work towards becoming competitive,”. Mr. Ayariga stated.
Meanwhile, Mr. Ayariga says government is determined to pursuing strategic economic policies to create more jobs and reduce poverty among the people.
“The greatest way to deal with poverty really is to grow your economy and to grow the productive sectors of the economy and to engage in a growth strategy that creates jobs [not a jobless growth strategy] so for us the economy will remain key not because there is a crisis but…because that is our strategy”.
Story by Myjoyonline.com | Jerry Tsatro Mordy
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