President Akufo-Addo and his Cabinet will today (Thursday, October 27) start a three-day retreat to examine measures to resuscitate the nation’s sickly economy.
The commitment will likewise zero in on the Government exchange with the International Monetary Fund (IMF).
President Akufo-Addo at a meeting with the leadership of the Trade Union Congress (TUC), on Tuesday was confident the retreat will yield positive results.
As indicated by him, his administration is worried about the development.
Government is going on a three-day retreat to handle this issue of the discussion with the IMF and the creation of the financial strategies for the country for 2023 to introduce the spending plan for the country to Parliament.”
The fast drop of the cedi, high inflation, huge debt stock, horrendous cost for most everyday items, fuel cost climbs among others have come to the front with many approaching the President to act to rescue what is going on.
In the mean time, the cedi reinforced for the subsequent day hurrying to ¢14.00 to one US dollar on Wednesday in the retail or forex market as it proceeded with its new addition against the American ‘greenback’.
This is against ¢14.50 it offered to a dollar on Tuesday, October 25. Prior it sold at ¢14.75 to the dollar.
Bliss Business comprehends that the cedi is fortifying against the American money due to the expected dollar liquidity because of inflows (first tranche) of the cocoa partnered credit and the normal staff-level understanding between the Government and the International Monetary by December 2022.
