We’re worried but optimistic about economy – Council of State

The meeting, which was held behind closed doors, had Minister of State, Finance Ministry, Charles Kofi Adu Boahen, representing the sector minister, and Elsie Addo Awadzie, Second Deputy Governor of BoG, representing the Governor.

Briefing B&FT after the meeting, Nana Otuo Siriboe II – who led the Council to hold the meeting in Accra on Wednesday, said the current economic crisis requires an all-inclusive approach to overcome it; hence his call on all Ghanaians, regardless of political affiliation, to be interested in turning things around.

Commenting specifically on the local currency, which is fast-depreciating against major trading currencies such as the dollar, Nana Otuo Siriboe II said the Council appreciates the situation but has come to the realisation that it is not a problem created by government; hence, support should be given to efforts being made to tame it.

“The Council is disturbed, just like every other Ghanaian, over the state of the economy; particularly the free-fall of the cedi relative to major currencies,” he said.

He is hopeful that some key measures by the BoG and the finance ministry in the coming days, according to briefings the Council has received, will offer some respite in the short- to medium-term in order to bring some confidence in the economy.

Adu Boahen indicated that government, as part of medium-term measures, will address the situation by making more hard currency available for importers among others.

“We have entered into an arrangement with the mining and oil companies to sell their forex to the BoG for it to be used in supporting its reserves,” he said, adding that, “all these measures, including bringing in the Afriexim facility of US$750million followed by the COCOBOD syndicated loan of US$1.3billion next month, will help solve the current cedi depreciation.”

“Latest by next week, we’ll see massive stabilization of the cedi,” he assured.

Nana Otuo Siriboe II said the meeting was organised for the Council to learn what is going on in order to better advise government.

“We can’t just sit aloof; we are the advisors to government, and we need to be informed to enable us proffer the requisite solutions to government,” he said.