Finance Minister, Ken Ofori-Atta, has said he is aware the frequent depreciation of the cedi was having dire consequences on local businesses and Ghanaians at large.

He admitted that Ghanaians were also living under harsh economic conditions with the prices of goods and services skyrocketing by the day.

Speaking at a forum organized by the Association of Ghana Industries (AGI), he said, “As the 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.”

He was however optimistic the local currency will soon stabilize to allow businesses to heave a sigh of relief.

According to him, government together with the Bank of Ghana have devised strategic measures to ensure the cedi trades at par with major trading currencies.

The Finance Minister said government and the central bank will deal with persons speculating false news about the cedi as the move leads to the depreciation of the local currency.

Ken Ofori-Atta further entreated local businesses to expand their production capacity to be able to produce more, as well as, create jobs for the teeming unemployed youth in the country.

He stressed that Ghana cannot continue to be a nation of importers.

ESA/FNOQ