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Addressing a ceremony held at the Tema Heavy Industrial Area, Kpone, to commission the Fujian Sentuo Ceramic Tile Factory, President Akufo-Addo said his government is doing everything possible to arrest the free fall of the Cedi.
“I am extremely upset and anxious about it too, but I want to assure you that all efforts are being made to arrest the decline and restore the cedi to stability in order to improve the competitiveness of Ghanaian industry and I think very soon you will be seeing the results of our policy,” the President said.
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He noted that government also feels the anxiety the business environment are going through and the population at large.
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The Cedi has fallen deeply against international currencies especially the dollar.
Cedi which was 5.35 against a dollar on February 25, 2019, has suddenly reached 5.46.
On the 80 million dollars Fujian Sentuo Ceramic Tile Factory, President Akufo Addo said the facility is a significant investment into the economy of the country.Â
He emphasized that the facility currently employees about 1300 Ghanaians with the hope of increasing same to about 5,000.Â
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Ninety percent (90%) of the raw materials needed by the factory the President indicated are being sourced locally from the Western and Central regions of the country. To this end, President Akufo-Addo urged the inhabitants of Kpone to “embrace the factory and the work than is been done in their Municipality and give the Chinese promoters of the facility their maximum support”.