Presidential Advisory Committee on Economy Insists on Radical Measures to Stabilize Economy

The newly instituted Presidential Advisory Committee on the
Economy PACE, has held its first meeting at the Peduase Lodge near
Aburi in the Eastern Region. The committee Chaired by President John
Mahama, has an overall objective to restore the growth of the ailing
economy.
 
Speaking to the media after a closed door session President Mahama, said the committee's first sitting came out with strong measures to solve the fiscal deficits and currency instability.
   
The meeting, apart from analysing policies and strategies that were adopted at the Senchi Economic Forum, will also map out strategies that is to help in the re- shaping of the economy.
     
The meeting was attended by Vice President Paa Kwesi Bekoe Amissah-Arthur, Ministers of State and Economic Experts, who are expected to contribute their quota towards reinvigorating the economy in the coming months.
    
President Mahama, who briefed the media after a closed door meeting, said the thrust of the discussions were towards restoring policy credibility among other measures.
     
He said the provision of stability results to ensuring fiscal stability is also to bridge the deficit gap, which is also paramount and will be discussed at length to implement the Senchi economic forum suggestions for the betterment of all Ghanaians.
     
President Mahama gave the assurance that the economy will regain stability by the close of the year by ensuring that the rapid Cedi depreciation was stemmed.
    
He said government was studying the market trend and the Bank of Ghana will soon come out with bolder decisions to ensure stability in the economy and the Cedi.
     
Mr Kwame Pianim, an economist, who is also part of the advisory committee, is confident President Mahama's consultations will yield dividends, with the implementation of the Senchi economic forum 
      
Dr Henry Kofi Wampah, Governor of the Bank of Ghana assured Ghanaian's that measures are being put in place to stop the rapid depreciation of the currency.
     
He said his outfit will continue to  monitor the situation to ensure the implementation of all policy options.


GBC