According to President Nana Addo Dankwa Akufo-Addo, deliberate policy changes made by the administration over the past few months are to blame for the cedi’s appreciation versus all major trading currencies.
“The strengthening of the cedi has not happened by happenstance,” claims President Akufo-Addo, “but through the implementation of intentional measures by Government, in partnership with the Bank of Ghana.”
The improvement of forex flows from remittances and the mining sector, as well as the staff level agreement with the IMF for a US$3 billion package, are among these measures, according to him. They also include “cedi liquidity tightening measures, resulting in the offloading of forex as a store of value by speculators”
The President made this known on 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 bedeviled 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.”
The President, therefore, urged 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.
“I need the support of every Ghanaian, together with the prayers of the Church, to help me and my government carry out our mandate successfully. Pray for me so that Almighty God will continue to give me wisdom, strength, courage and compassion to enable me execute my duties as a good leader. With Him, all things are possible, as the Battle is the Lord’s, for this too shall pass”, President Akufo-Addo said.