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General News of Wednesday, 7 January 2004

Source: DAILY GRAPHIC

Economy Ready For Take–Off -Agyepong

Mr. Kwabena Agyei Agyepong, Press Secretary to the President and Presidential Spokesman, has stated that the economy is ready for a take-off this year.

According to him, the signals pointed to an economic boom as the Bank of Ghana had, for the past nine months, consistently reduced its prime rates, compelling commercial banks to also lower interest rates.

In an interview in Accra, he explained that these developments were a clear manifestation of a resilient economy.

He said the consequences of these developments were that inflation had sowed down, credit to the private sector had peaked considerably, while businesses such as supermarkets and hotels, were springing up in the cities and other urban centres.

Reacting to complaints that the economic boom was not being felt by the ordinary person on the streets, he said there was clear evidence that the efforts of the government to halt the downward slide of the economy had resulted, in a reasonable stability of prices of goods and services in the country.

He said the government had adjusted minimum wage by about 125 per cent while cocoa prices had been adjusted five times since the NPP assumed the reins of power.