Cedi Appreciation Not By Chance, Government Will Sustain Gains – Akufo-Addo

Cedi Appreciation Not By Chance, Government Will Sustain Gains – Akufo-Addo



President Akufo-Addo has stated that the appreciation of the cedi against all major trading currencies is a result of deliberate policy interventions introduced by Government over the last few months. According to President Akufo-Addo, 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.” These measures, he said, 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. The President made this known on the Sunday, December 18, 2022, when he delivered an



address at the centenary celebration of the Ga Presbytery of the Presbyterian Church of Ghana, held at the Black Star Square, Accra. Addressing the congregation, which included the Moderator of the Presbyterian Church of Ghana, Rev. Prof. Joseph Obiri Yeboah Mante, he stated that with appropriate policy, determination and hard work on the part of Government,



things are beginning to turn around. Whilst acknowledging that the country was by no means out of the woods yet, he assured that Government will continue to work hard to maintain and sustain the gains 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,” Akufo-Addo said. He added his voice to those of GUTA, 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, he added. President Akufo-Addo thanked the Presbyterian Church of Ghana for the support it continues to give for the construction



of the National Cathedral He stated 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 our nation, sparing us the ravages of civil war that have bedevilled the histories of virtually all our 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.