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
- Ghana misses top 10 African destinations to visit in 2018
- Accra to host expanded China Trade Week event from June 19 - 21
- Former GNPC Boss, Theophilus Ahwireng named MD of MODEC
- Economy at the mercy of foreign investors, importers – BoG Governor
- Economist urges BoG to regulate ‘black market’ to ensure exchange rate is sustained
- West Africa’s mobile economy to reach $70bn by 2023 – report
- BoG constrained in fight against cedi depreciation – Asiedu-Mante
- NPA considers use of tech to fight petroleum fraud
- Huawei first-quarter revenue grows 39% to $27bn
- Navigating Sub-Saharan Africa’s recovery amid greater uncertainty
- Oil hits 2019 high on U.S. plan to tighten squeeze on Iran
- Upper West: 1,022 bags of maize harvested under PFJs
- Gov’t, Labour agree to build consensus on dev’t issues
- Ofori-Atta steers World Bank/IMF Development Committee on global dev't issues
- Airports Company considers reserving Terminal 2 for home-based carrier