According to President Nana Addo Dankwa Akufo-Addo, deliberate policy changes made by the government over the past few months are to blame for the cedi’s appreciation versus all major trading currencies.
The President Akufo-Addo stated, “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 mentoned, 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 his speech at the Ga Presbytery of the Presbyterian Church of Ghana’s centennial commemoration, which took place in Black Star Square in Accra.
He told the congregation, which included the Moderator of the Presbyterian Church of Ghana, Rev. Prof. Joseph Obiri Yeboah Mante, that things are starting to improve thanks to the government’s effective policies, resolve, and hard work.
