The Vice President, Dr. Mahamadu Bawumia, says government will not be forced into taking any political decisions that will affect the economy in the future despite recent challenges.
According to him, though the local currency, the cedi has seen some depreciation in the last few months, the government is on course to addressing it.
The Vice President was speaking at the opening of the National Policy Fair in Tamale on Monday.
“We will continue to stick to fiscal discipline and market determination of exchange rates. We will not be forced by these external shocks into taking politically expedient but economically unsustainable decisions. We know we are on the right track and we are going to stay the course because we have to look at the long-term interest of Ghana and not the short-term political expediency,” he said.
The Ghanaian economy has experienced some shocks in recent weeks following the depreciation of the cedi against major trading currencies especially the US dollar.
This has led to hikes in prices of products in the country including fuel leading to intense pressure on government to sit up and save the cedi.
Economy is in good hands; we’re steering it well – Bawumia
Dr. Bawumia had earlier said the economy is in good hands and is being steered in the right direction for growth.
He thus advised Ghanaians to ignore naysayers who believe the economy is on a downward trend instead.
“Be reassured that this economy is in good hands. We are not where we want to be, but we believe that we are on course. But as all good sailors know, rough and turbulent seas are no indication that you are not steering well,” he said.
Reduce taxes, stabilise cedi to bring down fuel prices – TUC
Despite the Vice President’s assurance, The Trades Union’s Congress (TUC), is asking government to review a number of taxes that contribute to the astronomical increases in the prices of petroleum products.
It also wants pragmatic steps taken to strengthen the Ghana cedi against other major currencies.
In a statement, the Union said the time has come for government to review its tax imposition and adopt measures that will stabilize the cedi to relief Ghanaians from the untold hardship the fuel price hikes has brought to them.