Cedi’s appreciation against US dollar not by chance but through deliberate gov’t policies – Akufo-Addo

The President of the Republic, H.E Nana Addo Dankwa Akufo-Addo has justified why the Ghanaian cedi is now performing very well against the US dollar.

According to him, the cedi’s appreciation is not by chance but by deliberate policies being implemented by the government.

“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,” President Akufo-Addo said on Sunday, December 18, when he delivered an address at the centenary celebration of the Ga Presbytery of the Presbyterian Church of Ghana.

The President explained that the measures 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.

In his address, President Akufo-Addo indicated to the congregation that, with appropriate policy, determination, and hard work on the part of Government, things are beginning to turn around.

He further stressed that what seemed impossible yesterday is now becoming possible.

“We are definitely not out of the woods yet. However, today, the cedi is rapidly appreciating against the US dollar and all major currencies, making up for its losses, and the prices of petroleum products are reducing at the pump,” President Akufo-Addo added.