Ghana's Mahama says to support cedi

2012-09-04 17:17
John Dramani Mahama

John Dramani Mahama

Multimedia   ·   User Galleries   ·   News in Pictures Send us your pictures  ·  Send us your stories

Accra - Ghana's president John Dramani Mahama said on Tuesday he had instructed his government to maintain policies targeting reduced inflation and support for the cedi currency, and pledged to break with cycles of election-related overspending.

Mahama was making his first economic policy speech since taking over as interim leader following the death of the late president John Atta Mills in July. He is running as the ruling party's candidate in an election due in December.

"I've instructed the economic management team to continue to execute the following without delay, one: to hold down inflation, two: continue to hold down the depreciation of the cedi," Mahama said.

Ghana's economy has been one of the world's fastest growing since oil production in 2010 but the cedi currency has lost some 17% against the dollar this year, largely on a surge in demand for imports.

It steadied last month having fallen to just over 1.95 to the dollar and has begun to slowly gain ground in recent weeks. Reuters data showed it was trading at just over 1.93 on Tuesday morning.

Mills came to power after a closely-fought 2008 election that boosted Ghana's democratic credentials but he inherited an economy that had been crippled by election-related spending pushed through the by out-going government.

"We are determined to break the cycle of overspending in an election year and we will ensure we achieve that this year," Mahama said.

Shortly before Mills's death, his government asked parliament to allow extra spending this year, which spooked some investors but the International Monetary Fund said had been agreed in advance.

In a move seen as bolstering his economic team, Mahama has named Kwesi Amissah-Arthur, who was Ghana's Central Bank Governor since October 2009, as his running mate.

Ghana's annual inflation rate increased for the fifth month in a row in July to 9.5% but the figure remains in line with the Bank of Ghana's targeted band of single-digit inflation this year and is far from the high 20.50% seen in July 2009.

Read more on:    john dramani mahama  |  john atta mills  |  ghana  |  west africa
NEXT ON NEWS24X

SHARE:

Read News24’s Comments Policy

24.com publishes all comments posted on articles provided that they adhere to our Comments Policy. Should you wish to report a comment for editorial review, please do so by clicking the 'Report Comment' button to the right of each comment.

Comment on this story
3 comments
Add your comment
Comment 0 characters remaining

Inside News24

 
/News
 

Business tips from the world’s billionaires

We share some of the world's most successful people's greatest tips and who knows, this might just lead you to your first million!

 
 

Luxury living

5 millionaires turned murderers
The youngest billionaires in the world and how they made it
Watch: Flying first class has never been this luxurious!
What to expect inside a royal nursery
Horoscopes
Aquarius
Aquarius

There is a restless need for action and you may go overboard and fill your day with too many things in the need to be recognised...read more

There are new stories on the homepage. Click here to see them.
 
English
Afrikaans
isiZulu

Hello 

Create Profile

Creating your profile will enable you to submit photos and stories to get published on News24.


Please provide a username for your profile page:

This username must be unique, cannot be edited and will be used in the URL to your profile page across the entire 24.com network.

Settings

Location Settings

News24 allows you to edit the display of certain components based on a location. If you wish to personalise the page based on your preferences, please select a location for each component and click "Submit" in order for the changes to take affect.




Facebook Sign-In

Hi News addict,

Join the News24 Community to be involved in breaking the news.

Log in with Facebook to comment and personalise news, weather and listings.