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Aug 22, 2013

Economy is picking up – Finance Minister

Finance Minister Seth Terpker on Wednesday said the economy was on a gradual path to recovery, picking up from the challenges of the first six months of the year.

Speaking to journalists at a meeting of the Economic Policy Coordinating Committee, the Minister said, he expected the trend to likely continue to the end of the year.

“We are seeing some improvements from the challenges of the first half of the year and that give us the indication that the economy will pick up in the second half of the year,” he said.

The Committee’s meeting would access the half year performance to June, including the fiscal situation, subsidies, corporate income taxes, and status of public debts.

It would also make inputs into the preparations and scope of issues to be included in the 2014 budget.

Dr Kofi Wampah, Governor of the Bank of Ghana, said the performance of the economy was on target and that he expected the current stability in the second half of the year to continue.

He said the pressures in the foreign exchange market in the first half of the year had abated with reserves of about six billion dollars equivalent to more than three months of imports.

Source: GNA