President Nana Addo Dankwa Akufo-Addo has asked to credit his government over the cedi’s continous resurgence against the US Dollar.
According to President Nana Addo Dankwa Akufo-Addo, the government’s intentional policy initiatives over the past few months are what led to the cedi’s appreciation versus all major trade currencies.
“The strengthening of the cedi has not happened by chance, but through the implementation of deliberate policies by government, in collaboration with the Bank of Ghana,” he said.
The President announced this on Sunday, December 18, 2022, during his speech at the Ga Presbytery of the Presbyterian Church of Ghana’s centennial commemoration, which took place in Black Star Square in Accra.
Rev. Prof. Joseph Obiri Yeboah Mante, the Moderator of the Presbyterian Church of Ghana, addressed the congregation and noted that things are starting to improve thanks to the government’s effective policy, tenacity, and hard work.
Nana Addo said the “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” are some of the deliberate policies of government that has helped the cedi to appreciate against major trade currencies.
“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,” he assured the congregation.
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