President John Mahama , who was swearing-in the Bank of Ghana's
new governor, Dr Henry Kofi Wampah, urged the bank to reduce interest
rates, return inflation to single digits and stem the dollarisation of
goods and services.
At the 4 April swearing-in ceremony, President Mahama declared
the government's determination to work with the governor to reduce
interest rates and make the cost of borrowing easier for the private
sector. He said, “The cedi remains relatively stable, but we need to do
more to ensure that we protect that stability so that the cedi
operates in a predictable manner both in the interest of the economy
and for foreign investors.” He went on to say, “We must continue to
index prices in the Ghana cedi. The dollar and other foreign
currencies are a means of international exchange and trade,
and are not supposed to be the indicator of what currency
prices we have.”
Dr Wampah pledged to consolidate present gains and accelerate
Ghana's transition to higher middle-income status. Wampah has been the
acting governor since former governor and current Vice
President Kwesi Amissah-Arthur joined Mahama as his running mate for
the 2012 election campaign.
For more news and expert analysis about Ghana, please see Ghana Politics & Security.
© 2013 Menas Associates
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