Deputy Finance Minster, Mona Quartey, has admitted that 2014 was a difficult year but is confident things will stabilize in the coming year.
The country’s economy was battered on all fronts with the local currency coming under intense pressure and losing value to the foreign ones.
The cedi was at a point the world’s worst performing currencies.
Government was embroiled in a labour dispute with workers over working conditions and issues concerning the tier two pension funds.
Speaking to Joy News, Mona Quartey said the current challenges are due to government’s investment in several projects and infrastructure development which in the coming year will be beneficial to the country.
“We walked into a time where we are making a transition and also we had our oil and gas industry blooming; it needed a lot of infrastructure, we had the Ghana Gas plant being built so we had to borrow for it and spend for it…so there has been a lot of spending but for a good purpose.”
She said the flow of gas from Atuabo is a good thing and will help reduce or completely put an end to the current power crisis.
“Ghana gas is now running and gas is being turned into the energy sector and cost of producing should come down soon then and we should have more power because other independent producers are coming on board.”
According to her, 2015 might be difficult because that is where a lot of mistakes will be corrected but there is hope that it will be better than 2014.
“2015 will be tough there is no joking about that because that is when we are doing a lot of corrections but it will be tough we know that it will get better so there is expectation that everything will be fine.
Have your say
More Business Headlines
- Mobile telephony: State-operator relations - A land to clear
- Bill Gates: The best investment I’ve ever made
- Mining leases without ratification: ‘Prosecute’ past ministers – Dr Manteaw
- Vodafone tops nominations for IPR's 7th National Communication & PR Awards
- Key African Central Banks to hold rates on CPI, oil prices
- China's growth set to slow to 6.3% in 2019
- GRA to introduce new measure to control transit trading
- Moody’s lauds banking sector reforms
- Tullow targets drilling, completion of works on new wells in this year
- Ghanaian-Lebanese appointed CEO of MTN Afghanistan
- GUTA confident of possible reduction in import duties
- Tunisia Trade Mission targets Ghana as strategic point of investment
- Tullow raises 2019 oil output forecast
- The gov't that did not see ¢30bn unreported gold leave Ghana
- Unilever Ghana unveils new manufacturing plants in Tema