Government would sustain depreciation of the Cedi- Kufuor

President John Agyekum Kufuor on Thursday said the government would pursue prudent economic policies to maintain the level of depreciation of the Cedi against the major currencies at not more than five per cent by the end of the year.

He said for the past six months, the Cedi has depreciated against the major currencies by about two to three per cent unlike last year when the depreciation was about 100 per cent.

Speaking at the State House in Accra when a four-man delegation from Coca-Cola International called on him, President Kufuor said within the period inflation rate also reduced from 40 per cent to 36 per cent and interest rate has also reduced.

He said with the sound policies and the stability in the country, Coca Cola Ghana, should spearhead the growth in the private sector by expanding its operations in other sectors of the economy.

"We promise you worthy partnership and good facilitator for the private sector.".

Dr Kofi Konadu Apraku, Minister of Trade and Industry, appealed to multi-national companies to take advantage of the new opportunities being offered by the economic policies to diversify their activities into other sectors such as agro-processing.

Mr Alexander B. Cunnings, Group President of Coca-Cola Africa who led the delegation said the company has pledged 105 million cedis to the Education Trust Fund.

He said for the past seven years, their operations have been tremendous and the prevailing stability in the country would ensure long-term mutual partnership between them and the government.

Mr Cunnings said Ghana is the 10th in terms of volumes of production and the 12th in terms of profitability out of the 53 African countries where they operate but "Ghana is our home country."

Mr Segun Ogunsanya, General Manager of Coca-Cola Ghana, said with the introduction of the Bon Aqua water, new pack sizes of Coca-Cola would be introduced to the market soon and the year promises to be good for their operations both in volumes and profits.