Government is taking measures to arrest the recent decline in the value of the Cedi, President Nana Addo Dankwa Akufo-Addo has assured.
Speaking at the commissioning of the Fujian Sentuo Ceremic Tile Company Limited (FSCTCL) at the Tema Heavy Industrial Area, President Akufo-Addo asked Ghanaians, particularly the business community, to keep faith with government as it spared no effort to contain the situation.
“I’m aware of the anxiety there is, business circles and through the population about the recent depreciation of the cedi. I am extremely upset and anxious about it too.
“I want to assure you all efforts are being made to arrest the decline of and restore the cedi to stability in order to improve the competitiveness of Ghanaian business. And I think that very soon we will be seeing the results of our policy,” the President asserted.
President Akufo-Addo described the establishment of the Fujian ceramic tile factory, which is expected to employ over 5000 people, as “a very good indication of where we want to go to.”
He said the investment that was another sign of the excellent relations that exist between Ghana and China and “I want to congratulate the managers and promoters of Fijian Sentuo Ceremic Tile Factory for this significant investment in our economy.
“We are determined to modernise our economy and we can only do so if we are able to attract investments into our industrial and manufacturing sector,” he said.
The FSCTCL, a private limited liability company, manufactures wall and vitrified tiles. The company intends sourcing 90 percent of its raw materials locally. Thus, it is expected that the move would lead to import substitution and value addition.
President Akufo-Addo said such developments would rapidly expand and modernise Ghana’s economy.
He was happy that the promoters of the tile factory were taking advantage of government’s flagship One District, One Factory policy in the establishment of the facility, saying, “We want to achieve a significant level of industrial development.”
The President said the bottlenecks to the ease of doing business in Ghana were being addressed holistically.