Vice President Paa Kwesi Amissah-Arthur
Weakening commodity prices on the world market have succeeded in decreasing Ghana?s export earnings hence reducing her capacity to finance imports, Vice President Paa Kwesi Amissah-Arthur has noted.
Speaking at the 4th Annual African American Chamber (AMCHAM) summit dubbed, ?Building the American Brand in Africa? in Accra yesterday, Mr Amissah-Arthur said the development had also increased pressure on Ghana?s foreign exchange reserves.
?The prices of our two major exports, cocoa and gold, have cumulatively declined by about 20 percent and 25 percent respectively since 2011,? he said.
According to the Vice President, Ghana lost about $1.3 billion potential export revenue in 2013 due to falling prices of commodities on the global market.
?The second external factor that has affected our economy is the tapering of the U.S Federal Reserve Board?s stimulus programme. This has contributed to the reversal of capital flows leading to volatility in currency and equity markets in emerging economies. Global interests rates have increased, threatening us with higher costs of debt servicing,? he said.
These developments, he said, had contributed immensely to inflation pressures in the country.
The U.S Ambassador to Ghana, Gene A. Cretz, in a speech, said AMCHAM has played critical role in sub-Saharan Africa and continues to stimulate the creation of businesses to facilitate the needed investments.
Without AMCHAM, he noted, the American Government could not achieve its goals of increasing its commercial engagements on the African continent.
The American Chamber of Commerce-Ghana represents U.S businesses and subsidiaries in the country, comprising Ghanaian businesses with strong U.S ties.
By: Yvonne D. Frimpong & Melvin Tarlue