Economy can recover quickly if govt is sincere – Addai-Nimoh

Former New Patriotic Party (NPP) Member of Parliament for Mampong, Francis Addai-Nimoh, has asked the government to be sincere and implement policies that will expedite economic recovery.

In his view, the economy can recover quickly if the government acts sincerely and gets everyone one board.

Speaking exclusively to TV3, the one-time flagbearer hopeful of the NPP said “It has been tough, we need to take bold decisions as a country for all of us so that we can recover. We can recover at a faster rate of we see certain measures being taken by government and government being sincere with the people then, everybody will come on board for us to recover at a faster rate.”

Ghana’s economy is seeing positive signs of recovery.

For instance, the Cedi has over the past few days, especially since the start of December 2022, been gaining strength against the major trading currencies particularly, the Dollar.

President Nana Addo Dankwa Akufo-Addo assured that the government will continue with the implementation of the programmes that have resulted in the strengthening of the Cedi and other economic indicators.

Speaking at the centenary celebration of the Ga presbytery of the Presbyterian Church of Ghana in Accra on Sunday December 18, he said “At the height of our challenges there were some who doubted the capabilities of my government and I to return our nation back onto the path of progress and and prosperity and lift us out of our current problems. In those dark moments, my fellow Ghanaians and and congregation, I could only recount the words of the St Matthew chapter 19 vrs 26 which states ‘But Jesus looked at them and said to them, with men this is impossible but with God all things are possible.”

He added “With the appropriate policy, determination and hard work on our part things are beginning to turn around. What seemed impossible yesterday is now becoming possible. We are definitely not yet out of the woods. However, today, the Cedi is rapidly appreciating against the US Dollar and all major currencies, making up for its losses and the prices of petroleum products are reducing at the pump.

“The strengthening of the Cedi has not happened by chance but through the implementation of deliberate policies by government in collaboration with the Bank of Ghana.

“These include Cedi liquidity tightening measures resulting in the offloading of forex as stalled value by speculators, the improvement of forex inflows from remittances and the mining sector and the reaching of the staff level agreement with the IMF for a 3 billion US Dollar package. All these have combined to bring the Cedi to this position and I can assure you that government will continue to work hard to maintain and sustain the gains made.

“Indeed, in the weeks ahead, the BoG will continue with the purchases of forex from the mining and oil sectors to enhance liquidity supply to the markets, continue with single unified forex forward auction and some modest targeted bilateral support to critical import.”