The President, Nana Addo Dankwa Akufo-Addo, has made a clarion call to manufacturers, traders and transport operators to reduce their prices.
He made the appeal on the basis that, at the height of the cedi’s recent depreciation, manufacturers and transport operators increased the prices of goods and services.
Therefore, he deemed it fair for a reduction, now that the cedi is re-gaining much of its strength.
The President added his voice to calls by the Ghana Union of Trades, the Ghana Road Transport Cordinating Council (GRTCC) and others who have also made the same appeal.
“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.
He made the appeal on Sunday, December 18, 2022 at the Ga Presbytery of the Presbyterian Church of Ghana’s centennial celebration in Accra’s Black Star Square.
CEDI STRENGTH NOT BY CHANCE
He had earlier said that the appreciation of the cedi against all major trading currencies is a result of deliberate policy interventions introduced by the government in collaboration with the Bank of Ghana over the last few months.
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.”
Since the beginning of December, the rather ailing Ghana cedi has found strength. According to the interbank forex rate, the previous exchange rate of GH₡14 to a dollar is now GH₡7 per dollar.
POLICIES
Economists are sharply divided over the gains made with the local currency. Some say it is organic, but others think otherwise.
Meanwhile, addressing the congregation, President Akufo-Addo stated that, with appropriate policy, determination and hard work by the government, things are beginning to turn around.
While acknowledging that the country was by no means “out of the woods yet,” he assured that the 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,” the President said.
NATIONAL CATHEDRAL
He 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.”
The President, therefore, asked the Ga Presbytery and indeed all Christians, to continue to pray for Ghana’s peace and unity, so the nation could 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 to 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.
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