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Here is government’s plan to stabilise the cedi

The Minister of Finance Ken Ofori Atta said that the government will roll out a number of fiscal policies and practical economic measures in order to get the cedi stabilised.

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The Finance Minister Ken Ofori Atta made this revelation when he met with journalists in Accra.

He mentioned that they will roll out a number of fiscal policies and practical economic measures in order to get the cedi stabilised.

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He said the government will pay much attention to the agriculture sector in order to increase the output of the sector. He said this will increase the export of agriculture products thereby correcting the imbalances between export and imports of agriculture produce.

He added that government will not only pay attention to the cocoa subsector of agriculture. He said other subsectors of agriculture have a great potential if given the needed attention.

“I think our interest in the agric sector also looks to address this mono-crop of cocoa. Is that all we should be doing?” he asked.

“The cedi’s instability, there are a number of things that we have to do and that’s where the one factory one district comes into the fore. We are now looking to see whether we can generate export and therefore diversify the economy,” he added.

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He further mentioned that government will reduce the importation of crude oil. This is because the Sankofa Gas project will come on board to reduce the purchase of crude oil.

“Fortunately we are confident that oil receipts will also increase.  So we are hopeful. In the medium term is the balance between gas and crude where gas will increase considerably and that will reduce the need for crude import,” he said explaining that all these measures will increase foreign currencies in the country”.

On remittances, Ofori Atta revealed that plans are underway to correct how foreign currencies sent into the country get stuck before it is changed into the local currency.

“Even the issue of remittances and how in some instances, the dollars actually do not get here but we get cedis. We are going to look  at it.”

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He also said the Nana Addo-led government will also streamline some of the current engagement with the Precious Minerals to improve foreign exchange earnings.

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