The Minister of Finance and Economic Planning, Dr. Kwabena Duffuor has said six successive months of sustained rise in the value of the cedi against the dollar under the government of President Mills is expected to reduce inflationary pressures in the economy.
Dr. Duffuor made this observation in Parliament following a question by the Akim Swedru MP, Hon. Joseph Ampomah Bosompem. The MP asked the Minister to state the practical steps taken by the government to increase productivity and economic growth in the country.
The Minister said government has managed to stabilize the economy leading to a reduction in the inflation rate from 20.7% as at June 2009 to 15.97% as at the end of the December 2009. He said the appreciation in the value of the cedi against the dollar would reduce cost of import.
Dr. Kwabena Duffuor said government has also been able to reduce interest rates on the stock market which is a clear indication that government policies are on course and that the economy is entering into a cycle of declining interest rate.
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