LAST WEEK UNDER REVIEW – TELLING THE GOVERNMENT STORY

LAST WEEK UNDER REVIEW – TELLING THE GOVERNMENT STORY

Iddi Muhayu-Deen writes…

It is worthy of note that, the government of His Excellency Nana Akufo-Addo recorded some significant milestones in the cause of last week. I wish to let you into a few:

The Monetary Policy Committee of the Bank of Ghana significantly reduced its key lending, otherwise referred to as Policy Rate by as much as 200 basis points to Commercial Banks in the country. The rate now stands at only 23.5%. This is the biggest cut in over 10 years. What this means is that, the various banks would have to significantly reduce their interest rates to reflect the drastic reduction in the policy rate.

In the light of this, businesses and individuals that have contracted loans and other credit facilities from commercial banks wouldn’t have to bother so much about the huge interest associated with loan repayment. This would surely boost commercial and economic activities in the country because businesses would get to expand and employ more and more people.

Secondly, the Ghanaian cedi has not only stabilized but is actually making some gains or ‘value appreciation’ against the US dollar. For instance, one dollar, which went as high as Gh₵4.70 some two weeks ago, has now significantly reduced to GH₵4.2 as at date. Also, there are strong indications that, the Ghanaian currency (the cedi) would continue to gain more strength and appreciate in value. The entire economy of every nation, we all know, revolves around the strength of their currency.

So, you would appreciate what this means to the Ghanaian economy. Of course, inflation, you and I know, has been declining consistently over the period. Obviously, we need to say a big ‘thank you’ to the government’s Economic Management team, headed by His Excellency the Vice President, Alhaji Dr. Mahamadu Bawumia, the economic prophet of our time for this enviable feat.

Again, government gives approval for the payment of an upward adjustment in National Service allowance from Gh₵350.00 to Gh₵559.04 constituting some 60% rise. This is the highest increment in NSS allowance since its introduction in 1973 and is expected to take effect from April 1, 2017. A lot of people thought that government wouldn’t be able to find money to pay these astronomical hikes in the service allowance but they’ve all been proven wrong.

Government has indeed achieved so much in the cause of last week alone and I doubt I can finish talking about all. But I guess I shouldn’t forget to add that the famous planting for food and jobs campaign official took off last week with the momentous inauguration of the national implementation committee and the relevant architecture for this flagship programme.

I have never doubted the ability of the Akufo Addo government to deliver the public good and for that matter prosperity to the Ghanaian people and truly, I am being vindicated. Our country is surely in the process of working again Insha Allah. Positive CHANGE has indeed come and this excites me.

Assalamu alaikum

Iddi Muhayu-Deen

#TellingTheGovernmentStory

#ForGodAndCountry

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