Govt institutes measures to save economy as commodity prices decline

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Finance Minister Seth Terkper has given the assurance that measures are being instituted to minimize the impact of declining commodity prices on the economy.

Prices of commodities like gold, cocoa and crude oil have been declining heavily on the international market, a development that will put serious pressure on government’s finances.

Some economists are worried that this could put undue pressure on revenue because government depends heavily on these commodities to fund projects outlined in the budget.

But answering questions at London-based international think thank Chatham House, after a presentation on Guiding Ghana to Economic Recovery, Mr. Tekper said measures that have been outlined in the revised budget, will ensure that revenue does not suffer in the coming months.

In another development, Mr. Seth Terkper says the depreciation of the Ghana cedi should not be blamed on current challenges facing the economy alone.

He told the BBC that the situation can be attributed to a strong dollar which is affecting currencies all over the world.

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