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Minister of Finance Ken Ofori-Atta
Finance Minister Ken Ofori-Atta said the government would change the fees and charges levied in the ports to make them more business-friendly and strengthen their competitiveness in West Africa.
Ofori-Atta said the review should help promote exports and reduce the import of foreign goods.
The finance minister, who spoke with the Daily Graphic yesterday after the 2019 breakfast on governance of state-owned companies in Accra, said the country's excessive dependence on imports was deterring economic growth. 'economy.
Imported inflation
"The country's excessive dependence on imports also contributes to the Cedi's depreciation," the minister said, adding, "We will conduct a thorough review of all our port fees and legal fees in ports in order to guarantee the efficiency and competitiveness of our ports that we do not import inflation from outside, "he said.
Despite the Ghanaian cedi's weak performance against all major currencies, Ofori-Atta said economic fundamentals remain strong.
He explained that the government has always made sure that fiscal consolidation and macroeconomic stability continue.
"I think people need to understand that the fundamentals are strong and we have stood firm to ensure that fiscal consolidation and macroeconomic stability continue despite all the pressures and uncertainties," he said. .
Prudent economic management
While economic fundamentals remain strong and the government has put measures in place to ensure stability, Ofori-Atta said the country's excessive dependence on imports must change to help consolidate gains of prudent management of the economy.
"I think the accountability stamps, the advisory board and all the others will lead to stability, but for us, the import-dependent country, this has to change because it basically affects the whole currency issue," he said. declared.
As a result, Ofori-Atta said the government is putting in place measures to reverse the country's reliance on imports and focus on the export market.
"We need to create an export-oriented country so as not to be subject to the uncertainties of the US market. That's why we will undertake this in-depth review in the ports and begin to provide unfailing support to a district, a plant (1D1F) and Planting for Food and Jobs so that we can reduce our imports, "said the Minister. finances.
Local industries
Mr. Ofori-Atta explained how the government is preparing local industries to reduce imports. "The problem is structural. So we will position our entrepreneurs so that they are export-oriented rather than import-oriented and look at how we can actually pay dividends and contributions from mining and oil companies. "
He added that recent banking reforms would also allow the government to support its industrialization effort to reduce imports.
"One of the key issues is whether you have the capacity to manufacture natural resources or agricultural products. We also need to know if the banking infrastructure is strong enough to provide the kind of liquidity needed in capital and that's why we have so much money (almost 3% of gross domestic product (GDP) to be able to stabilize the infrastructure as a framework to start improving liquidity now, "he explained.
In the short term, Ofori-Atta said the government would ensure that the country's reserves are strong enough to generate investor confidence in the economy, adding, "We are confident that we have done what we had to do and we expected good results. "
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