Finance Minister Admits To Economic Challenges – Radio Univers 105.7 | Voice of Legon

The Minister of Finance, Honorable Seth Terkper has asserted that government exhibited transparency in the face of the various economic challenges in the country. Speaking on a local radio station here in Accra on Friday, the Minister argued that despite the problems confronting the economy which are beyond the control of the administration, plans are in place to confronting the mishaps in the affected sectors. He further enumerated a consolidation stage, turn-around stage and a growth strategy as part of the Ministry’s plans to ameliorate the woes facing the country’s economic sector.

“We were very open with Ghanaians and said these were the problems. Some of them were policy misalignment; some were also beyond our control. But we embraced it and under the guidance of His Excellency, took to a home grown policy. As the commodity prices continue to hit and as gas supply disruption continues, we entered into an IMF program and we are performing… We said we will do consolidation first, we will come to a turn-around stage and enter into a growth stage”, he asserted.

Honourable Terkper also outlined the inadequacy of export credit and lack of guarantees as reasons for Ghana’s inability to expand non-traditional exports.

“The reason we are not able to expand non-traditional exports is the lack of export credit and the lack of guarantee… and every bank will follow something very domestic. Now we are going to make sure that we use our revenue to borrow in forex, use the forex which exporters will earn to borrow in dollars, channel it back into the economy and pay promptly so that other sectors of the economy would also begin to emulate the Cocobod example”, he added.

Meanwhile Ghana, which also exports cocoa and gold, signed a three-year aid deal last year with the International Monetary Fund (IMF) to restore fiscal balance to an economy dogged by deficits, public debt, high interest rates and inflation.

 

By: Kennetth Awotwe Darko/ Radio Univers 105.7MHz

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