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Wednesday, February 1, 2023

Finance Minister Optimistic Of Improved Economy In The Medium Term


Minister of Finance, Seth Terkper, says the medium term prospects of the economy are bright and that government would be firm in the management of any volatility that might occur.

He said government will be bold to tackle any challenges facing the economy before the situation deteriorates.

Mr Terkper said this at a news briefing on measures to address the fall of the cedi against the dollar.

The cedi fell about 20 per cent last year and has since the beginning of the year dropped by seven point eight per cent, prompting the Bank of Ghana to revise its rules on foreign exchange transactions and to increase its policy rate by 200 basis points representing 18 per cent.

According to Mr. Terkper, the measures must not be seen as targeted at particular people or groups to their disadvantage but meant to correct distortions as a result of falling commodity prices.

He said in addition to the huge exposure for the country, the economy has done well and it has been able to remain resilient.

Mr Terkper said the Bank of Ghana in the process of revising its foreign exchange and banking laws in line with best practices.

On salary of public sector workers, the Minister said government is not freezing wages across board but noted that the single spine salary structure

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