His Excellency Nana Addo Dankwa Akuffo Addo, President of the Republic of Ghana, has disclosed that the rapid appreciation of the local currency against all major trading currencies, is as a result of the implementation of deliberate policies put in place by government, in collaboration with the Bank of Ghana.
The President stated that with appropriate policies, determination and hard work on the part of the government, things are beginning to turn around.
Speaking at the centenary celebration of the Ga Presbytery of the Presbyterian Church of Ghana at the Black Star Square, President Akuffo Addo noted that the staff-level agreement with the International Monetary Fund (IMF) and the improvement of forex inflows from remittances among others will later yield more positive results and further stabilise the economy.
The cedi slumped by more than 54% against the dollar before December 2022. However, it has strengthened by more than 33% since the beginning of December 2022 after Ken Ofori-Atta, the Finance Minister, launched government’s domestic debt exchange programme.
“The strengthening of the cedi has not happened by chance, but through the implementation of deliberate measures by my government, in collaboration with the Bank of Ghana.”
“This include; cedi liquidity tightening measures, resulting in the offloading of forex, as a store of value, by speculators; the improvement of forex flows from remittances and the mining sector; and the reaching of a staff-level agreement with the IMF for a US$3 billion package.”
Akuffo Addo
President Akuffo Addo further urged Ghanaians to support his government in reviving the economy of the nation. While acknowledging that the nation was by no means ‘out of the woods yet’, he assured that his government will continue to work hard to maintain and sustain the progress made.
“Indeed, in the weeks ahead, the Bank of Ghana will continue with the purchases of forex from the mining and oil sectors to enhance liquidity supply to the market; continue with the single, unified forex forward auction and some modest targeted bilateral support to critical imports; and the implementation of the gold for oil swap transaction, which will significantly remove forex pressures on the cedi.”
Akuffo Addo
President Pleads With Business Entities
The President further appealed to business entities including the Ghana Union Traders Association (GUTA) to reduce the prices of goods and services.
H.E Nana Akuffo Addo added his voice to those of GRTCC and others to appeal to manufacturers, traders and transport operators who, at the height of the cedi’s recent depreciation, increased prices of goods and services, to reduce their prices now that the cedi is re-gaining much of its strength.
“I believe this is not only a fair request, but also a just one, and I urge all of you to join me in this clarion call so we can all have a more pleasant Christmas.”
Nana Addo
National Cathedral
Thanking the Presbyterian Church of Ghana for the support it continues to give for the construction of the National Cathedral, President noted that, upon completion; the National Cathedral will serve not only as the country’s collective thanksgiving to the Almighty for the blessings He has bestowed on the nation, sparing the country the ravages of civil war that have tormented the histories of virtually all Ghana’s neighbours, and the outbreak of deadly mass epidemics, but also as a rallying point for the entire Christian Community of Ghana, which represents seventy plus percent (70+%) of the population.
The President, therefore, asked the Ga Presbytery, and, indeed, all Christians, to continue to pray for Ghana’s peace and unity, so the nation can move forward in unity.
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