President Nana Addo Dankwa Akuffo-Addo has asked members of the Ghana Union of Traders’ Association (GUTA) and the Ghana Road Transport Coordinating Council (GRTCC) to reduce the prices of goods and services as the cedi continuously gains strength over major trading currencies.
At the Ga Presbytery Centenary Thanksgiving on Sunday, December 18, 2022, the president said he adds his voice to that of GUTA and GTRCC to reduce the prices of goods and services stating how the prices were continuously increased at the height of the cedi depreciation.
He also recounted the hardship the world and Ghana have been through in the span of three years namely 2020, 2021 and 2022 and how that is still affecting countries.
“We’ve been confronted with spurring freight charges, high fuel cost, high food prices and steep inflationary spikes,”the president stated, bringing to the attention of the audience how the depreciation of the cedis reaching its record low in the last few days of November had everyone talking about his government.
He said that in the height of challenges, some people doubted the capability and resolve of his government to return the country back to its path of progress and prosperity, however with the appropriate policies, determination and hard work on their path; things are beginning to turn around.
He added, “We are definitely not out of the woods, however the cedi is appreciating against the US dollar and all major currencies.”
He promised that, “the Bank of Ghana will continue with the purchase 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.”
Also, like stated by the Vice President earlier, the implementation of gold for oil swap transaction will also be implemented to help remove forex pressures on the cedi.
As at the close of business on Friday, December 16, 2022, the interbank change rate for a dollar was 7.99 cedis with the euro and pounds going for 9.72 and 8.48 cedis respectively.