President Akufo-Addo has expressed worry about the decline of the value of the cedi against major currencies and assured investors that government is working to arrest the free falling cedi.
He said he is aware of the anxiety in business circles about the recent depreciation of the cedi adding that all efforts are being made to arrest the decline and restore the cedi to stability in order to improve the competitiveness of Ghanaian industry.
President Akufo Addo stated this in Tema when he inaugurated a Ceramic tile company. He was optimistic that the results of the policy will be soon manifest.
The entry of The Fujian Ceramic Tile Company into the Ghanaian market in 2016 has reduced the number of imported tiles on to the market.
The $80 million factory has created more than 1,300 direct jobs and 4,000 indirect jobs. Eighty percent of the raw materials used in the production are sourced locally.
The Chinese Ambassador to Ghana, Shi Ting Wang, said the factory is another investment of China into the Ghanaian economy. He was hopeful of more of such investments.
President Akufo-Addo said the facility is a significant investment into the economy of the country. He reiterated government desire to transform the fundamentals of the Ghanaian economy.
He said government is on course in putting the economy on the path of growth and prosperity.
The Managing Director of the Fujian Sentuo Ceramic Tile Foctory, Xu Ning Quan, observed that almost all the floor and wall tiles that are used in the construction industry in Ghana were, until about a year ago, imported from China, Europe and the United States of America in spite of the availability locally of over 80% of the raw materials needed for the production of tiles.