A statement from the Ministry of Information said, the measures were outlined during the quarterly cabinet meeting held at Peduase Lodge-Aburi in the Eastern Region.
“In addition to the scheduled appraisal of the performance of the government programs, the cabinet also extensively discussed the impact of global economic difficulties on Ghana and the Ghanaian people.
“President Nana Addo Dankwa Akufo-Addo approved a number of far-reaching measures aimed at mitigating the depreciation of the cedi, ensuring expenditure discipline, and providing relief in the face of global hikes and inflation as well as ensuring that priority programs meant to grow the economy are protected,” the Ministry stated.
According to the Ministry, Finance Minister, Ken Ofori-Atta will provide the details of the measures later this week after consultations with key social and economic stakeholders.
In concluding, the Ministry said the “government appreciates the efforts of all who contributed to a successful retreated and looks forward to the support of all Ghanaians in implementing the agreed measures.”
Ghanaians have been hit with economic challenges from food shortage, depreciation of the local currency, hike in fuel prices with its attendance increase in transport fair in the country.
However, the Agbogbomefia of the Asogli State, Togbe Afede XIV has attributed the prevalent hike in the prices of petroleum products in the country to the rapid depreciation of Ghana cedi.
According to him, even though global prices have shot up in recent times the declining value of the Ghana cedi remains a major factor that has negatively affected fuel prices in the country.
“So it is not local inflation per se, neither is it about world market price of crude but falling value of cedi, that is a big challenge. I was surprised when yesterday I heard the cedi has crossed the GHC8 mark to the dollar.
“When you imagine that only recently the cedi was GH5 to the dollar, it means that GHC8 to the dollar is a 60% jump over a short period. This means that even if the gold price is still the same the dollar effect alone will have meant a 60% rise in the local price of petroleum products,” he disclosed.
