According to Nana Addo Dankwa Akufo-Addo, President of the Republic, intentional policy changes made by the government over the past several months are to credit for the cedi’s appreciation versus all major trading currencies.
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 announced this on Sunday, December 18, 2022, during a speech he gave at the Ga Presbytery of the Presbyterian Church of Ghana’s centennial commemoration, which took place in Black Star Square in Accra.
In his address to the congregation, Rev. Prof. Joseph Obiri Yeboah Mante, Moderator of the Presbyterian Church of Ghana, said that things are starting to improve thanks to the government’s effective policies, tenacity, and hard work.
While admitting that the nation was far from “out of the woods,” he gave the assurance that the government will keep working hard to maintain and retain the advances earned.
“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,” the President said.
It is in view of this that 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.
Thanking the Presbyterian Church of Ghana for the support it continues to give for the construction of the National Cathedral.
Upon completion, the National Cathedral, according to him, will not only serve as the nation’s collective expression of gratitude “to the Almighty for the blessings He has bestowed upon our nation, sparing us the ravages of civil war that have bedevilled the histories of virtually all our neighbors, and the outbreak of deadly mass epidemics, but will also serve as a rallying point for the entire Christian Community of Ghana, which represents seventy plus percent (70+%) of the population.”
Therefore, the President urged the Ga Presbytery and all Christians to keep praying for peace and harmony in Ghana so that the country can advance together.
“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.