President Akufo-Addo Assures of Stabilising Cedi Depreciation

By Mainoo Yeboah

The President, Nana Akufo-Addo has assured that all efforts are being made by the government to arrest the decline of Ghana's Cedi and restore its stability.

Acknowledging the anxiety in the business environment, and, among Ghanaians, about the recent depreciation of the Cedi, he said that "I am extremely upset and anxious about it too, but I want to assure you, all efforts are being made to arrest the Cedi and restore it to stability in other to improve the competitiveness of Ghanaian industries."

Commissioning the Fujian Sentuo Ceramics and Tile Factory at Kpone, President Akufo-Addo said: "very soon you will be seeing the result of our policy."

He said these are all challenges government is addressing so that the structural problems confronting the industrial development of the country are successfully overcome "and in the process, we are getting some modest results. Firstly, we are improving our standards in terms of the ease of doing business in our country."

The economy, the President indicated, had witnessed a significant reduction in the monetary policy rate of the Bank of Ghana, which had translated into increased decline in leading rates.

Inflation, he also noted, had come down significantly since "we came to power" assuring that, all of these are efforts government is making to improve the business environment and make it possible for enterprises in Ghana, to become competitive, and compete globally."

President Akufo-Addo urged the people of Kpone, to give the factory the needed support to sustain the Government's drive to create employment for Ghanaians, and, also, help to attract more investments into the country.

The Deputy Minister for Trade and industry, Robert Ahomka Lindsay, said the Ministry is working towards restructuring the Ghanaian industrial base, which has been the President's vision.

He said the factory, would engage 5000 employees, and in the near future employ about 10,000 factory hands. The Deputy Minister commended the President's initiative and drive, which has resulted in the establishment of an 80 million Dollars Ceramic and Tile factory in the country.

The Chinese Ambassador to Ghana, H.E. Shi Ting Wang, assured the President of his government unrelenting support and commitment to partner government to realize its flagship "One District, One Factory" policy.

The varied benefits of producing wall and floor tiles locally are substantial and include import substitution and value addition. The Factory employs 1,500 Ghanaians and more than 4,000 indirect jobs to mine sites and other ancillary activities.

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