27.1 C
Accra
Sunday, December 5, 2021
No menu items!

President Akufo-Addo expresses worry over cedi depreciation

Must Read

South Africa’s President, Cyril Ramaphosa arrives in Accra for State Visit

By Ivan Amponsah. South Africa’s President Cyril Ramaphosa has arrived in Accra on a three-day state visit. The visit is to...

Black Stars advance to PlayOff stage of Africa’s 2022 Fifa World Cup qualifiers

Fifa has dismissed the protest by South Africa that called for the replay for the 2022 World Cup qualifier...

Economic Governance Platform proposes more empowered NDPC to propel Ghana’s Private Sector

By Rebecca Ekpe. Government has the onerous task of protecting the Private Sector, as it remains the largest employer in...
Charles Sarpong Amponsah
Journalist/Sub-Editor and Digital Content Producer. Made in Ghana, consumed worldwide.

President Akufo-Addo has expressed worry about the decline of the value of the cedi against major currencies and assured investors that government is working to arrest the free falling cedi.

He said he is aware of the anxiety in business circles about the recent depreciation of the cedi adding 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.

President Akufo Addo stated this in Tema when he inaugurated a Ceramic tile company. He was optimistic that the results of the policy will be soon manifest.

The entry of The Fujian Ceramic Tile Company into the Ghanaian market in 2016 has reduced the number of imported tiles on to the market.

The $80 million factory has created more than 1,300 direct jobs and 4,000 indirect jobs. Eighty percent of the raw materials used in the production are sourced locally.

The Chinese Ambassador to Ghana, Shi Ting Wang, said the factory is another investment of China into the Ghanaian economy. He was hopeful of more of such investments.

President Akufo-Addo said the facility is a significant investment into the economy of the country. He reiterated government desire to transform the fundamentals of the Ghanaians economy.

He said government is on course in putting the economy on the path of growth and prosperity.

The Managing Director of the Fujian Sentuo Ceramic Tile Foctory, Xu Ning Quan, observed that almost all the floor and wall tiles that are used in the construction industry in Ghana were, until about a year ago, imported from China, Europe and the United States of America in spite of the availability locally of over 80% of the raw materials needed for the production of tiles.

LEAVE A REPLY

Please enter your comment!
Please enter your name here

Latest News

South Africa’s President, Cyril Ramaphosa arrives in Accra for State Visit

By Ivan Amponsah. South Africa’s President Cyril Ramaphosa has arrived in Accra on a three-day state visit. The visit is to...

Black Stars advance to PlayOff stage of Africa’s 2022 Fifa World Cup qualifiers

Fifa has dismissed the protest by South Africa that called for the replay for the 2022 World Cup qualifier against Ghana that the Bafana...

Economic Governance Platform proposes more empowered NDPC to propel Ghana’s Private Sector

By Rebecca Ekpe. Government has the onerous task of protecting the Private Sector, as it remains the largest employer in Ghana. In the meantime, the...

Alhaji Mashood Mohammed is 2021 National Best Farmer

Alhaji Mashood Mohammed from Mion District in the Northern Region has been adjudged the 2021 National Best Farmer at the 37th National farmers Day...

17 Year old-KNUST Graduate, Ruth Gyan-Darkwa, a motivation to girls

By Nicholas Osei-Wusu. Girl-Child Education Campaign in Ghana has been boosted following the graduation of the youngest ever student of the Kwame Nkrumah University of...

More Articles Like This