The President of the Republic, Nana Addo Dankwa Akufo-Addo has appealed to traders to reduce the prices of goods and services as the cedi is being appreciated against other currencies in the international trade market.
According to him, it is only fair that traders who increased prices when the reverse was the case, now have to reduce it for Ghanaians to have a ‘more pleasant Christmas.’
Speaking at the centenary celebration of the Ga Presbytery of the Presbyterian Church of Ghana on Sunday, December 18, 2022, President Akufo-Addo said “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,”
The Cedi in the past week had appreciated against the US dollar with prices of fuel also recording substantial reduction.
According to the Bank of Ghana, the local currency is currently trading at GH¢8 on the interbank market with a litre of petrol and diesel selling at GH¢13 and GH¢16 respectively.
This development is due to the debt exchange programme of local bonds introduced by the Finance Ministry to pay the huge debt of the country.
Addressing the Presbyterian congregation including the Moderator of the Presbyterian Church of Ghana, Rev. Prof. Joseph Obiri Yeboah Mante, President Akufo-Addo said with appropriate policy, determination, and hard work on the part of the government, things are beginning to turn around.
“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.” The President said.
These policies, according to him, 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.”