The Finance Minister, Ken Ofori-Atta, has admitted that the free fall of the cedi has become “an albatross on the neck of our local industries.”

He noted that although the cedi’s depreciation has made life unbearable for Ghanaians, he is confident the rate of depreciation will slow down to bring relief to businesses.

“As a Minister of Finance, no one needs to tell me the ravages of the cedi depreciation which has become an albatross on the neck of our local industries and the high cost of living for all citizens.”

Mr Ofori-Atta was speaking at an Association of Ghana Industries (AGI) forum in Accra, where he hinted that the government and the Bank of Ghana are adopting measures to stabilise the cedi by the end of the year.

One of the issues to be tackled is speculation, something he described as one of the major causes of the depreciation of the cedi in recent times.

Pains and aches

The Finance Minister, during the interaction with members of AGI, replied to his critics who have called for his head, saying he has felt the ‘pains and aches’ but is more concerned about how the country surmounts its challenges.

“You have a Finance Minister who has gone through all the pains and aches, and nobody can really come and say ‘we don’t understand what we’re doing’,” he stated.

He wants Ghanaians to discuss how the country’s resources can be utilised effectively to ensure growth and development, instead of the heightened calls for his resignation.

Over the past weeks, Ken Ofori-Atta has been under intense pressure to step down over what is said to be gross mismanagement of the Ghanaian economy.

Members of his own party, including some Majority MPs, have also thrown their weight behind the calls and have threatened to boycott government business if he is not sacked.

But Mr Ofori-Atta has rallied the support of Ghanaians in taking the country out of the woods.

“Let me assure you all that your best bet is still Ghana; we can do it and we should do it. The question is ‘what resources do we have’ and ‘how we’re going to deploy them in the nation that we have’?

“… and how do we stand firm in very difficult circumstances by being very confident that the nation is purposed for greatness and you are blessed to have the opportunity to lead where we are going.”